An Uncle Gifts a Parcel of Land to His Niece,and

question 25

True/False

An uncle gifts a parcel of land to his niece,and he has to pay $25,000 of gift taxes.The land has appreciated substantially since he purchased it 20 year ago.The niece's basis in the land will be the uncle's cost increased by the $25,000 of gift taxes paid by the uncle.

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Definitions:

Central Nervous System

The part of the nervous system that includes the brain and spinal cord, responsible for processing and sending out nerve signals.

Somatic Nervous System

A part of the peripheral nervous system responsible for voluntary movements of muscles and the reception of external stimuli.

Autonomic Nervous System

The part of the nervous system that controls involuntary bodily functions, including heart rate, digestion, and respiratory rate, consisting of the sympathetic and parasympathetic divisions.

Somatic Nervous System

Part of the peripheral nervous system that handles voluntary control of body movements through the control of skeletal muscles, and also mediates sensory information.