Joycelyn Gave a Diamond Necklace to Her Granddaughter Emma

question 121

Multiple Choice

Joycelyn gave a diamond necklace to her granddaughter Emma.Joycelyn had purchased the necklace in 1980 for $15,000.The FMV of the necklace at the time of the gift was $44,000.After deducting the annual exclusion,the amount of the gift was $30,000.Gift taxes of $10,000 were paid.What is Emma's adjusted basis in the necklace?

• A)$15,000
• B)$24,667
• C)$25,000
• D)$44,000

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Definitions:

Loudness

A perceptual attribute of sounds that determines the intensity or volume as heard by the listener.

Subliminal Stimulus

A Subliminal Stimulus is any sensory input that is below an individual's threshold for conscious perception, yet can influence thoughts, feelings, or actions.

Sensitivity To Constant Stimuli

The phenomenon whereby prolonged exposure to a constant stimulus leads to a decrease in the organism's response to that stimulus, also known as habituation.

Cognitive Theories

Theories that focus on belief systems and ways of thinking as the causes of abnormal behavior.