Dale Gave Property with a Basis of $16,000 to Sarah

question 92

Multiple Choice

Dale gave property with a basis of $16,000 to Sarah when it had a FMV of $12,000.No gift taxes were due.Sarah later sold the property for $22,000 resulting in a recognized gain of

• A)$0.
• B)$4,000.
• C)$6,000.
• D)$12,000.

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People residing in Canada who were born outside of Canada; this category excludes Canadian citizens born outside of Canada and people residing in Canada on temporary status, such as those with a student visa or temporary foreign workers.

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Geographical areas or neighborhoods predominantly inhabited by individuals from the same ethnic background, preserving cultural practices.

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