Greg Transfers Property on August 8 of the Current Year

question 70

Multiple Choice

Greg transfers property on August 8 of the current year with an adjusted basis of $40,000 and an FMV of $90,000 to his ex-wife as a property settlement that is part of their divorce agreement. The property settlement agreement and the divorce were both finalized on June 3 of the current year. Greg has made a gift of

• A)$0.
• B)$40,000.
• C)$80,000.
• D)$90,000.

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Definitions:

Protective Factor

Variables or conditions in individuals, families, communities, or the larger society that mitigate or eliminate risk, thereby increasing the likelihood of positive outcomes.

Cultural Deficit Model

A controversial perspective that attributes lack of academic success to the cultural, familial, or linguistic deficiencies of the student's background.

Poverty

A condition where individuals or communities lack the financial resources and essentials for a minimum standard of living.

Explicit Boundaries

Clearly communicated limits and rules that define acceptable behaviors and responsibilities in a relationship or environment.