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:

Divorced

The state of being legally dissolved from a marriage.

Metaphor

A linguistic device where a word or phrase is attributed to an object or activity to which it does not literally pertain, implying a resemblance.

Superego

(sue-per-EE-go) The moral system of the personality, which consists of the conscience and the ego ideal.

Angel

A spiritual being believed to act as a messenger of God, typically portrayed as a human figure with wings.