How Is the Donee's Basis Calculated for the Gift of Appreciated

question 239

Essay

How is the donee's basis calculated for the gift of appreciated property for a gift made before 1977? Assume the donor pays gift tax.

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Definitions:

Genetic Influence

The impact of genes inherited from one's parents on individual traits and behaviors.

Traits

Characteristics or features of an organism that can be inherited or acquired, often influencing its survival and reproduction.

Adopt

To legally take another's child into one's family and bring them up as one's own.

Highly Beautiful

Describes an aesthetic quality that is exceptionally pleasing to the senses or deeply moving emotionally due to its perceived perfection or harmony.