Dale Gave Property with a Basis of $16,000 to Sarah

question 92

Multiple Choice

Dale gave property with a basis of $16,000 to Sarah when it had a FMV of $12,000.No gift taxes were due.Sarah later sold the property for $22,000 resulting in a recognized gain of

• A)$0.
• B)$4,000.
• C)$6,000.
• D)$12,000.

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Definitions:

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A chemical compound used for its oxidizing properties, commonly found in disinfectants and bleaching agents.

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The outer corner where the upper and lower eyelids meet.

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A fungal infection of the foot, commonly known as athlete's foot.

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The condition of not wearing any footwear, exposing the feet directly to the ground.