In 2019, Paula Pierce receives gift property with a fair market value of $95,000 (adjusted basis to

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In 2019, Paula Pierce receives gift property with a fair market value of $95,000 (adjusted basis to the donor of $35,000). Assume the donor purchased the property in 2009 and paid gift tax of $12,000 on the transfer.

a. What is Paula's basis for gain and loss?

b. What is the holding period?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 27, 2024 03:04 AM

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In 2019, Paula Pierce receives gift property with a fair market value of $95,000 (adjusted basis to

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CCH Federal Taxation Basic Principles 2020

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