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Author Question: David gave property with a basis of $133,000 to Hannah when the property had a FMV of $100,000 and ... (Read 77 times)

EY67

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Question 1

Dale gave property with a basis of $16,000 to Sarah when it had a FMV of $12,000. No gift taxes were due.  Sarah later sold the property for $22,000 resulting in a recognized gain of
◦ $0.
◦ $4,000.
◦ $6,000.
◦ $12,000.

Question 2

David gave property with a basis of $133,000 to Hannah when the property had a FMV of $100,000 and paid gift taxes of $8,000. If Hannah later sells the property for $140,000, Hannah's basis (to determine gain) in the property immediately before the sale is
◦ $100,000.
◦ $108,000.
◦ $133,000.
◦ $141,000.


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Marked as best answer by EY67 on Sep 13, 2020

bulacsom

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EY67

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


nguyenhoanhat

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Reply 3 on: Yesterday
:D TYSM

 

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