The following gifts are received and sold in the current year: Gift Tax Donor's Adjusted...
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The following gifts are received and sold in the current year: Gift Tax Donor's Adjusted Basis FMV at Time of Gift Selling Price Paid $100,000 $39,300 $353,000 $393,000 81,700 100,000 8,170 68,100 100,000 31,800 6,360 38,300 Determine the basis for gain and basis for loss and realized gain or realized loss. Enter "o" if the field should be blank or if an amount is zero. Do not round any divisions. Realized Gain Realized Loss 223,000 X $ Basis for Gain Ox $ ox 0 x $ Basis for Loss 130,000 130,000 160,000 x $ $ $ 61,900 0 0 $ $ 121,700 X Feedback Check My Work Depending on the property's adjusted basis in the hands of the donor, the fair market value of the asset on the date of gift, the amount of gift tax paid, and the amount received upon disposition of the property, the appropriate basis could be any one of three different amounts
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