Uncle john promised tom come and take care of me and i will

Reference no: EM13614942

Uncle John promised Tom, "Come and take care of me and I will leave you the farm when I die." Tom took care of Uncle John for the five years preceding his death. When Uncle John died, in accordance with his will, Tom received the farm. Can Tom exclude the value of the farm from his gross income as a gift or inheritance, or has he received compensation income?

Reference no: EM13614942

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