An Uncle Gifts a Parcel of Land to His Niece,and

question 82

True/False

An uncle gifts a parcel of land to his niece,and he has to pay gift taxes. The land has appreciated substantially since he purchased it 20 year ago. A portion of gift taxes paid by the uncle will increase the niece's basis of the land.

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Definitions:

Validation

The acknowledgement and acceptance of another person's feelings, thoughts, and experiences as legitimate and significant.

Exhuming

The act of digging up a corpse from the ground, often for legal, medical, or investigative reasons.

Interment

The burial of a body in a grave or tomb, typically with funeral rites.

Levirate

A practice in some cultures where a widow marries a brother of her deceased husband to maintain lineage and inheritance.