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

question 72

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)

---

Definitions:

Smooth Curve

A continuous, gently bending line without sharp angles or disruptions, often used in graphing data or in mathematical functions.

Total Area

The sum of all the specific areas within a boundary, often referring to the total surface area covered by a two-dimensional shape or land parcel.

Poisson Distribution

A probability distribution that measures the probability of a given number of events happening in a fixed interval of time or space.

Errors Per Line

A metric used in software and document quality control that indicates the average number of errors found per line of code or text.