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On 1/1/20X0, Donor gave her painting to Donee. Donor's adjusted basis in the painting was $100 at the time of the gift. The painting had
On 1/1/20X0, Donor gave her painting to Donee. Donor's adjusted basis in the painting was $100 at the time of the gift. The painting had a fair market value of $200. Donor had owned the painting for 3 years. Assuming there is no amount of gift tax paid with respect to the gift, Donee's basis is $100. Select one: True False
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