In the current year andrew received a gift of property from


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?

  • $80,560
  • $94,000
  • $70,000
  • $114,000

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Basic Statistics: In the current year andrew received a gift of property from
Reference No:- TGS01348758

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