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safezone safezone
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7 years ago
Ed gives Steve land with an adjusted basis of $40,000 and an FMV of $90,000. Ed paid no gift tax. Ed then inherits the same land back from Steve at Steve's death eight months later. At Steve's death, the land is worth $120,000. Ed's basis in the land becomes
A) $120,000.
B) $90,000.
C) $40,000.
D) cannot be determined from the facts given
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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That's not philosophy, it's geometry
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RimounRimoun
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safezone Author
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7 years ago
Good timing, thanks!
Morgan-C
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Yesterday
Thanks
sudenzia
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2 hours ago
This site is awesome
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