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What is paulas basis for gain and loss

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Reference no: EM132317197

Question

In 2018, Paula Pierce receives gift property with a fair market value of $95,000 (adjusted basis to the donor of $35,000). Assume the donor purchased the property in 2008 and paid gift tax of $12,000 on the transfer.

a. What is Paula's basis for gain and loss?

b. What is the holding period?

Reference no: EM132317197

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