Kory received a car worth $ 2 0 , 0 0 0 as a birthday gift from

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Question:

Kory received a car worth $

20, 000

as a birthday gift from his grandmother. The car was originally purchased for $

26, 000 .

How much would Kory report in gross income from this transaction if his tax rate is

20 % ?

20, 000

26, 000

0

4, 000

Posted Date: Jun 07, 2024 08:42 PM

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Kory received a car worth $ 2 0 , 0 0 0 as a birthday gift from

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