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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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91711660

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