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Compute her basis in the ring

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Reference no: EM132161517

Question - Mike bought a new ring for his wife on March 18, 2017. He paid $16000 on December 18, 2016. The FMV at the time of the gift was 13000. They broke up and she sold the ring on December 20, 2017 for $12000. Compute her basis in the ring.

Reference no: EM132161517

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