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What tax basis will jasmine have for the land

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Question - Jasmine received a parcel of land as a gift from her Uncle Eustace. At the time of the gift, the land had a fair market value of $83,000 and an adjusted basis of $23,000. This was the only gift that Jasmine received from Eustace during 2015. If Eustace paid a gift tax of $15,000 on the transfer of the gift to Jasmine, what tax basis will Jasmine have for the land?

Reference no: EM132106882

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