In the current year, Andrew received a gift of property from his uncle. At the...
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Accounting
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? (Points : 4)
$70,000 $80,560 $94,000 $114,000
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