An Uncle Gifts a Parcel of Land to His Niece,and

question 106

True/False

An uncle gifts a parcel of land to his niece,and he has to pay $25,000 of gift taxes.The land has appreciated substantially since he purchased it 20 year ago.The niece's basis in the land will be the uncle's cost plus the full $25,000 of gift taxes paid by the uncle.

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Definitions:

Miniaturizes Landscape

The artistic practice of creating a small-scale representation of a landscape in a highly detailed manner, often found in painting, sculpture, and garden design.

Ming Dynasty Painter

An artist active during the Ming Dynasty in China, a period known for its cultural achievements including a rich tradition of painting featuring landscapes, portraits, and flower/bird motifs.

Wen Shu

A bodhisattva associated with wisdom in Mahāyāna Buddhism, often depicted holding a scroll or book.

Flowers

Reproductive structures of flowering plants, celebrated and depicted in art for their beauty and symbolic meanings.