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What is larrys basis in the property

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Question

Kent Knobe gave Larry Lawson a gift having a fair market value of $135,000 on February 14, 2018. Kent had purchased the gift property in 2010 for $95,000, the taxable gift was $120,000, and paid a gift tax of $15,000. What is Larry's basis in the property?

Reference no: EM132315872

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