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Jeriko Jeriko
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3 years ago
During the current year, Don's aunt Natalie gave him a house. At the time of the gift, the house had a FMV of $144,000 and his aunt's adjusted basis was $133,000. After deducting the annual exclusion, the amount of the gift was $130,000. His aunt paid a gift tax of $20,000 on the house. What is Don's basis in the house for purposes of determining gain?

▸ $130,000

▸ $133,000

▸ $134,692

▸ $144,000
Textbook 
Federal Taxation 2017 Individuals

Federal Taxation 2017 Individuals


Edition: 30th
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starla e.starla e.
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3 years ago
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Jeriko Author
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3 years ago
Good timing, thanks!
ethom947
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Yesterday
Helped a lot
deathwing
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2 hours ago
this is exactly what I needed
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