In the Current Year,Andrew Received a Gift of Property from His

question 130

Multiple Choice

In the current year,Andrew received a gift of property from his uncle.At the time of the gift,the property had a FMV of $114,000 and an adjusted basis to his uncle of $70,000.After deducting the annual exclusion,the amount of the gift was $100,000.Andrew's uncle paid a gift tax on the property of $24,000.What is the amount of Andrew's basis in the property?

• A)$70,000
• B)$80,560
• C)$94,000
• D)$114,000

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Definitions:

Reinforcement Value

The subjective attractiveness or desirability of a potential reward that influences the likelihood of achieving particular behaviors.

Efficacy Expectation

A belief about one's ability to perform behaviors that should lead to expected outcomes.

Outcome Expectation

Beliefs about the likely results of specific behaviors in given situations.

Behavior Therapy

A form of psychotherapy that focuses on changing maladaptive behaviors through conditioning and learning techniques.