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Taxpayer acquires a home by gift from Taxpayer's Mother. Mother had a basis of $150,000 in the home and the fair market value of
Taxpayer acquires a home by gift from Taxpayer's Mother. Mother had a basis of $150,000 in the home and the fair market value of the home at the time of the gift was $450,000. What is Taxpayer's basis in the home and does Taxpayer recognize gross income as a result of this transaction?
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South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
20th Edition
978-0357109144, 978-0357686652, 978-1305874824
