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Joseph converts a building (adjusted basis of $50,000 and fair market value of $40,000) from personal use to business use. Justin receives a building with a $40,000 fair market value ($50,000 donor's adjusted basis) from his mother as a gift. Discuss the tax consequences with respect to Joseph's and Justin's adjusted basis.
Total Fertility Rate
The typical amount of children a woman is expected to have throughout her life, based on present fertility rates.
Replacement Rate
The ratio of a retiree's pension benefit to their earning before retirement, often used to measure the adequacy of retirement income.
Present Value
The current worth of a future sum of money or stream of cash flows given a specified rate of return.
Market Rate
The prevailing price or interest rate in the market for goods, services, or securities.
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