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In 2019, your father gave you a gift of property with a fair market value (FMV) of $75,000. His adjusted basis was $50,000. The gift tax paid was $7,440. What is your basis in the property? A. $75,000
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In 2019, your father gave you a gift of property with a fair market value (FMV) of $75,000. His adjusted basis was $50,000. The gift tax paid was $7,440. What is your basis in the property?

A.
$75,000

B.
$57,440

C.
$53,100

D.
$50,000

User Neeraj Singh
by
5.2k points

1 Answer

8 votes

Answer:

your basis is 57440

Step-by-step explanation:

just take the basis of the father and plus the gift tax

User CristianCantoro
by
4.2k points
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