Rob Was Given a Residence in 2012

question 11

Multiple Choice

Rob was given a residence in 2012.At the time of the gift, the residence had a fair market value of $200,000, and its adjusted basis to the donor was $140,000.The donor paid a gift tax of $10,000 on the taxable gift of $187,000.What is Rob's basis for gain?

• A)$140,000.
• B)$143,209.
• C)$150,000.
• D)$200,000.
• E)None of the above.

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Definitions:

Mastoid Process

A bony prominence located behind the human ear, part of the temporal bone, and involved in the attachment of muscles.

Coronoid Process

The coronoid process is a triangular eminence projecting from the upper and frontal part of the ulna bone in the forearm, serving as an attachment for muscle.

Frontal Suture

A fibrous joint that divides the two halves of the frontal bone of the skull in infants and young children, which typically fuses around two years of age.

Osseous Tissue

A specialized form of connective tissue that forms the structural elements of bones.