Dale Gave Property with a Basis of $16,000 to Sarah

question 1218

Multiple Choice

Dale gave property with a basis of $16,000 to Sarah when it had a FMV of $12,000. No gift taxes were due. Sarah later sold the property for $22,000 resulting in a recognized gain of

• A) $12,000.
• B) $4,000.
• C) $6,000.
• D) $0.

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