In may of the current year s makes a gift of land basis of, Ask an Expert

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In May of the current year, S makes a gift of land (basis of $60,000; FMV of $240,000) to his Aunt T. After the gift, Aunt T makes $12,000 worth of capital improvements to the land. Aunt T dies in April of next year when the property is worth $246,000. Under Aunt T's will, the property passes to U, who is S's wife. What is U's basis in the property?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975110

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