Determine the gift tax on the transfer, Taxation

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Determine the gift tax on the transfer

Gifted Property

Response to the following problem:

In 1972, Tammy gave her son, Al, land worth $80,000. Tammy paid $60,000 for the land in 1970. The full $80,000 value was subject to gift tax, and Tammy paid $12,000 in gift tax on the transfer. What is Al's basis in the land?

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Taxation: Determine the gift tax on the transfer

Reference No:- TGS02109501

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Taxation: Determine the gift tax on the transfer

Reference No:- TGS02109501

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