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Question content area top Part 1 Doug receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is
Question content area top
Part
Doug receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is $ comma At the time of the gift, the land and building have fair market valuesFMVs of $ comma and $ comma respectively. No gift tax is paid by Doug's uncle at the time of the gift.
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Question content area bottom
Part
Requirement a To determine gain, what is Doug's basis for the land? Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.
To determine gain, Doug's the donee's basis for the land is
Part
Requirement b To determine gain, what is Doug's basis for the building? Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.
To determine gain, Doug's the donee's basis for the building is
Part
Requirement c Will the basis of the land and building be the same as in Parts a and b for purposes of determining a loss?
No
Yes
the basis of the land and building
will be
will not be
the same as in Parts a and b for purposes of determining a loss because
the FMV of the gift is greater than the donor's basis
the FMV of the gift is less than the donor's basis
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