Shontelle Received a Gift of Income-Producing Property with an Adjusted

question 116

Multiple Choice

Shontelle received a gift of income-producing property with an adjusted basis of $49,000 to the donor and fair market value of $35,000 on the date of gift. No gift tax was paid by the donor. Shontelle subsequently sold the property for $31,000. What is the recognized gain or loss?

• A) $0
• B) ($4,000)
• C) ($10,000)
• D) ($18,000)
• E) None of the above

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