Nancy Gives Her Niece a Crane to Use in Her

question 158

Multiple Choice

Nancy gives her niece a crane to use in her business with a fair market value of $61,000 and a basis in Nancy's hands of $80,000. No gift tax was paid. What is the niece's basis for depreciation (cost recovery) ?

• A) $0
• B) $19,000
• C) $61,000
• D) $80,000
• E) None of the above

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Definitions:

Unmarried Couples

Two individuals in a romantic relationship who live together but are not legally married.

Residence Pattern

Typical patterns in which societies organize where people live, often based on family ties, marriage, or social norms.

Nontraditional Families

Family structures that differ from the typical nuclear family, including single-parent families, blended families, and same-sex parental families, among others.

Single-parent Households

Households headed by one adult who is responsible for raising children.