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During the current year, Don's aunt Natalie gave him a house. At the time of the gift, the house had a FMV of $145,000 and his aunt's adjusted basis was $134,000. After deducting the annual exclusion, the amount of the gift was $130,000. His aunt paid a gift tax of $20,000 on the house. What is Don's basis in the house for purposes of determining gain?
Police Officer
A member of the police force or department, legally vested with the powers to maintain peace, prevent crime, and enforce laws.
Crime In Progress
A crime that is currently happening or underway.
Gratuitous Promise
A pledge or promise made without expecting anything in return, often lacking legal enforceability.
Reasonable Price
refers to a price that is fair and sensible in the context of the market value of a good or service, taking into consideration factors like cost, demand, and quality.
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