During the Current Year,Don's Aunt Natalie Gave Him a House

question 45

Multiple Choice

During the current year,Don's aunt Natalie gave him a house.At the time of the gift,the house had a FMV of $144,000 and his aunt's adjusted basis was $133,000.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?

• A)$130,000
• B)$133,000
• C)$134,692
• D)$144,000

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Release-of-Records Form

A document signed by a patient that authorizes the disclosure or sharing of their medical records with specified parties.

Court System

The organizational framework responsible for administering justice in civil, criminal, and administrative matters through courts and legal processes.

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A method of documentation used in healthcare to organize patient notes; it stands for Subjective, Objective, Assessment, and Plan.

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