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b. In 2019, Rob received a residence as a gift from his mother, Joan. At the time of the gift, the residence had a fair
b. In 2019, Rob received a residence as a gift from his mother, Joan. At the time of the gift, the residence had a fair market value of $1,400,000, and Joan's basis in the residence was $900,000. Joan paid a tax of $50,000 on the gift. What is Rob's basis in the residence? Rob's basis
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