Greg Transfers Property on August 8 of the Current Year

question 103

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

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Definitions:

Satisfying

Referring to something that fulfills expectations, needs, or desires adequately.

Semi-Conscious

A state of awareness that is between full consciousness and unconsciousness, where an individual may only partially perceive stimuli.

Metalinguistic Awareness

Metalinguistic Awareness is the ability to think about and reflect upon the nature and functions of language itself.

Sarcasm

The use of irony to mock or convey contempt.