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Mary Beth owned a passive activity. This year, she gifted the activity to her son, Luke. The activity was purchased by Mary Beth in 2006
Mary Beth owned a passive activity. This year, she gifted the activity to her son, Luke. The activity was purchased by Mary Beth in 2006 for $650,000 and at the time of the gift, the activity had suspended losses of $40,000. What is Luke's basis in the activity
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