Louise purchased her primary residence for $240,000. As part of the closing procedure, she paid $2,300 in a loan origination fee, $750 to a lawyer to review the purchase contract and other closing papers, $150 for a property survey, and $800 for title insurance. She also gave the real estate agent a $75 gift basket in appreciation for his hard work. What is Louise's basis in the residence? $244,075 $244,000 $241,700 $240,950 Mark for follow up Question 4 of 40. What is the basis of gifted property to calculate loss if the FMV of the property on the date of the gift is less than the donor's adjusted basis? The higher of the FMV of the property or the donor's adjusted basis, including gift tax paid, on the date of the gift. The FMV of the property on the date of the gift. The lower of the FMV of the property or the donor's adjusted basis, including gift tax paid, on the date of the gift. The donor's purchase price Mark for follow up Question 5 of 40. Which of these would NOT decrease basis? Insurance reimbursement for property damage Depreciation. Nonbusiness Energy Credit. Legal fees for obtaining a decrease in an assessment levied for local improvements. Mark for follow up Question 6 of 40. Which of these would NOT increase basis? An increase in the FMV of the asset. Cash paid in an exchange. Assessments for local improvements, such as sewers and sidewalks, and the cost of extending utility service lines to the property. Expenses incurred during the sale of the asset. Mark for follow up