Greg Transfers Property on August 8 of the Current Year

question 70

Multiple Choice

Greg transfers property on August 8 of the current year with an adjusted basis of $40,000 and an FMV of $90,000 to his ex-wife as a property settlement that is part of their divorce agreement. The property settlement agreement and the divorce were both finalized on June 3 of the current year. Greg has made a gift of

• A)$0.
• B)$40,000.
• C)$80,000.
• D)$90,000.

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Definitions:

Parasympathetic

Pertaining to the part of the autonomic nervous system that conserves energy by slowing down the heart rate and increasing digestive and glandular activity.

Sympathetic

Relating to, or denoting the part of the autonomic nervous system that accelerates the heart rate, constricts blood vessels, and raises blood pressure or showing feelings of pity and sorrow for someone else's misfortune.

Somatic

Pertaining to or affecting the body, especially as distinct from the mind or the environment.

Central

Pertaining to the most important or core part of something, often referring to the main or primary focus or system within a larger context.