Question
14) Kent Knobe gave Larry Lawson a gift having a fair market value of $135,000 on February 14, 2018. Kent had purchased the gift property
14) Kent Knobe gave Larry Lawson a gift having a fair market value of $135,000 on February 14, 2018. Kent had purchased the gift property in 2010 for $95,000, the taxable gift was $120,000, and paid a gift tax of $15,000. What is Larry's basis in the property?
$95,000
$120,000
$100,000
$110,000
$135,000
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Managerial Accounting for the Hospitality Industry
Authors: Lea R. Dopson, David K. Hayes
2nd edition
978-1-119-2996, 1119299659, 978-1119386223
