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.Deann received a brass medallion as a gift from a brother. The medallion had cost the brother $75, 10 years earlier. The medallion was worth
.Deann received a brass medallion as a gift from a brother. The medallion had cost the brother $75, 10 years earlier. The medallion was worth $600 on the date of the gift, and no gift taxes were paid. What is Deanns basis in the medallion?
Multiple Choice
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$600 for determining gain; $75 for determining loss.
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Not determinable from facts
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$75 for determining gain or loss.
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$600 for for determining gain or loss.
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