Estimate the amount of andrew basis in the property

Assignment Help Accounting Basics

Reference no: EM131002852

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

Reference no: EM131002852

Questions Cloud

What is the minimum speed the mass : A mass m swings in a vertical circle at the end of a rope of length L. What is the minimum speed the mass must have at the bottom for it to pass over the top without the string collapsing?

Miranda discussion : Miranda Discussion, Explain why Miranda is important and why the law provides this protection to suspects.

Drive the second derivative of the given function : Find the second derivative of f(x)=([d]x+[b])4 and evaluate it at x=3. Find the equation of the line tangent to the following curve at x = 1. Write your answer in y = mx + b format.

What is the maximum compression of the spring : A mass (m1 = 3.0 kg) with initial velocity V0 = 2.0 m/s strikes a mass-spring system (m2 = 1.0 kg) initially at rest but able to recoil. The spring is massless with spring constant k = 7.5 N/m. There is no friction. Is momentum conserved in this c..

Estimate the amount of andrew basis in the property : 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?

You are a department head at a large company : Persuading Employees that a Security Camera Is Necessary (Persuasive Message) You are a department head at a large company. To save money, your company orders office supplies in bulk. Each department then gets its allotment of supplies, which are kep..

What were the findings of the study : For assistance on determining what constitutes a professional peer-reviewed resource, contact your facilitator.

Does the change in discount rate create a gain : Assume the magnitude of the change is $13 million. Prepare the appropriate journal entry to record any 2011 gain or loss. If Patel prepares its financial statements according to U.S. GAAP, how will the company report the gain or loss?

What mass of water be allowed to come to thermal equilibrium : What mass of water at 28.0oC must be allowed to come to thermal equilibrium with a 2.07-kg cube of aluminum initially at 1.50 x 102oC to lower the temperature of the aluminum to 63.9oC? Assume any water turned to steam subsequently recondenses.

User Account

All Pages