Gordon Died on January 1 and by His Will Left

question 13

Multiple Choice

Gordon died on January 1 and by his will left land with an adjusted basis of $60,000 and an FMV of $100,000 to Becky. Becky disclaims the property on December 31 of the year of death, when the land was still worth $100,000. Becky has made a gift (before the annual gift tax exclusion) of

• A) $60,000.
• B) $100,000.
• C) $50,000.
• D) $0.

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Definitions:

Alcoholism

A chronic disease characterized by uncontrolled drinking and preoccupation with alcohol, often leading to physical and psychological dependence.

Cultural Syndrome

Patterns of behavior, beliefs, and values that are characteristic of a specific culture, often influencing the mental health and well-being of its members.

Schizophrenia

A chronic and severe mental disorder that affects how a person thinks, feels, and behaves, characterized by delusions, hallucinations, and disordered thinking.

Genetic Predispositions

The inherited genetic patterns that influence the likelihood of developing certain diseases or conditions.