False regarding a bargain sale

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1. Which of the following statements is false regarding a bargain sale? explain

The difference between the fair market value of the asset and the consideration received in exchange for the asset is considered a gift.

The gift portion of a bargain sale will qualify for the annual exclusion.

A bargain sale is generally inappropriate if the buyer of the property is a family member.

If the property is sold by the seller for more than the seller’s basis in the property, a taxable gain will result.

2. Which of the following is not a method for transferring property outside of the probate process explain

State contract law.

State intestacy law.

State property titling law with survivorship feature.

State trust law.

Reference no: EM132061303

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