Which of the Following Is Correct

question 161

Multiple Choice

Which of the following is correct?

• A) The gain basis for property received by gift is the lesser of the donor's adjusted basis or the fair market value on the date of the gift.
• B) The loss basis for property received by gift is the same as the donor's basis.
• C) The gain basis for inherited property is the same as the decedent's basis.
• D) The loss basis for inherited property is the lesser of the decedent's basis or the fair market value on the date of the decedent's death.
• E) None of the above.

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Definitions:

Leptin

A hormone produced by fat cells that helps to regulate energy balance by inhibiting hunger.

Somatostatin

A hormone that inhibits the release of growth hormone from the anterior pituitary gland and also suppresses the release of various other hormones within the body's gastrointestinal system.

Pancreas

Internal organ that produces digestive enzymes and the hormones insulin and glucagon.

Simple Goiter

An enlargement of the thyroid gland caused by a lack of iodine, not associated with thyroid dysfunction.