Genevieve received land as a gift from her mother. At the time of the gift, the land had a FMV of $155,000 and an adjust
Posted: Thu May 19, 2022 2:13 pm
Genevieve received land as a gift from her mother. At the time
of the gift, the land had a FMV of $155,000 and an adjusted basis
of $135,000 to Genevieve's mother. . The mother did not have any
gift taxes due. One year later, Genevieve sold the land for
$180,000. What was her gain or (loss) on this transaction? a.
($15,000) b. no gain or loss c. $25,000 d. $45,000
of the gift, the land had a FMV of $155,000 and an adjusted basis
of $135,000 to Genevieve's mother. . The mother did not have any
gift taxes due. One year later, Genevieve sold the land for
$180,000. What was her gain or (loss) on this transaction? a.
($15,000) b. no gain or loss c. $25,000 d. $45,000