Family member for purposes of the related party rules

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Reference no: EM13777613

1. Which of the following persons is not a "family member" for purposes of the related party rules?

1) Grandparent

2) Sister

3) Son

4) Mother

5) All of the above are family members

2. A taxpayer pays $200,000 for real property. The market value of the land and building purchased are $120,000 and $180,000, respectively. The taxpayer's basis in the land and building are:

1) $120,000 and $180,000, respectively.

2) $180,000 and $120,000, respectively.

3) $120,000 and $80,000, respectively.

4) $80,000 and $120,000, respectively.

5) None of the above.

Reference no: EM13777613

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