Question
What is the basis of gifted property to calculate gain if the FMV of the gift on the date of the gift is less than
What is the basis of gifted property to calculate gain if the FMV of the gift on the date of the gift is less than the donor's adjusted basis?
FMV of the property on the date of the gift.
The donor's purchase price.
The donor's adjusted basis on the date of the gift.
The lower of the donor's adjusted basis or the FMV on the date of the gift.
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Ministers Tax And Financial Guide
Authors: Dan Busby, Michael Martin
2020 Edition
0310588790, 978-0310588795
