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Concept of annual gift tax exclusion
Course:- Accounting Basics
Reference No.:- EM13129948





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Gordon died on January 1 and by his will left land with an adjusted basis of $60,000 and a FMV of $100,000 to Becky. Becky disclaims the property on December 31 of the year of death, when the land was still worth $100,000. Becky has made a gift (before the annual gift tax exclusion) of

a.$100,000

b.$60,000

c.$50,000

d.$0




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