Ruth purchased a piece of real estate for $120,000 six years ago. She transferred it...
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Accounting
Ruth purchased a piece of real estate for $ six years ago. She transferred it to her daughter, Myrna, months ago. The property was valued at $ on the date of transfer. Ruth paid $ in gift tax on the transfer. Which of the following statements is incorrect?
Question options:
A
Myrna's basis will be adjusted for a portion of the gift tax paid.
B
Myrna will have a dual basis for income tax purposes.
C
If Myrna were to sell the property for $ today, then the loss is a short term capital loss.
D
If Myrna sold the property for $ after holding it for years, her gain would be $
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