Peter received his uncle's coin collection as a gift when it was valued at $150,000.Over the years, the uncle had purchased the coins for a total of $75,000.The uncle paid a $15,000 gift tax on the gift.What is Peter's basis in the coin collection?
A)$75,000
B)$82,500
C)$90,000
D)$150,000

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The Answer of Peter received his uncle's coin collection as a gift when it was valued at $150,000.Over the years, the uncle had purchased the coins for a total of $75,000.The uncle paid a $15,000 gift tax on the gift.What is Peter's basis in the coin collection?
A)$75,000
B)$82,500
C)$90,000
D)$150,000

Peter Received His Uncle's Coin Collection as a Gift When