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Which of the following is incorrect about property received as a gift? The basis for depreciation is generally the donors adjusted basis If gift tax
Which of the following is incorrect about property received as a gift? The basis for depreciation is generally the donors adjusted basis If gift tax was paid on gift, this will increase the basis The basis when the gift is sold at a loss is always the FMV at the time the gift was given When selling a gift, it is important to know the donors adjusted basis, the FMV at the time of gift, and whether gift tax was paid
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