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Celeste makes a gift to Pierre of passive activity property having an adjusted basis of $18,000, suspended losses of $6,000, and a fair market value
Celeste makes a gift to Pierre of passive activity property having an adjusted basis of $18,000, suspended losses of $6,000, and a fair market value at the date of the gift of $30,000.
Can Celeste deduct the suspended losses in the year of the gift?
What is Pierre's basis in the property?
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