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USA Act Perry made a gift of property worth $100,000 to Alioune in 2019; Perry's adjusted basis in the property was $300,000. Perry did not
USA Act
Perry made a gift of property worth $100,000 to Alioune in 2019; Perry's adjusted basis in the property was $300,000. Perry did not use the gift tax exclusion for this gift and paid $20,000 gift tax. What is the gain/loss to Alioune if he sells the property in 2021 for $200,000Step by Step Solution
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