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? No What is Pierre's basis in the property?
I keep getting 12,000 but it is saying that the answer is wrong...
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Authors: Ahmed Raihi-Belkaoui
5th Edition
1844800296, 978-1844800292
