During 2019, Mary Maloney received a gift of property from her aunt. At the time of the
Question:
During 2019, Mary Maloney received a gift of property from her aunt. At the time of the gift, the property had a fair market value of $165,000, the taxable gift was $150,000, and the adjusted basis to her aunt was
$105,000. Mary’s aunt paid a gift tax on the property of $45,000. What is the amount of Mary’s basis in the property?
a. $105,000
b. $123,000
c. $150,000
d. $165,000
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Marys basis in the property is 150000 Heres how we arrive at the answer Basi...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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