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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Represents the Federal Insurance Contributions Act's Old-Age, Survivors, and Disability Insurance, a U.S. payroll tax that funds Social Security.

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