When the annual exclusion was $14,000, Pam makes a gift of land (basis of $314,000; fair market value of $914,000) to her granddaughter, Tracy. As a result of the transfer, Pam paid a gift tax of $45,000. Tracy's income tax basis in the land is:

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The Answer of When the annual exclusion was $14,000, Pam makes a gift of land (basis of $314,000; fair market value of $914,000) to her granddaughter, Tracy. As a result of the transfer, Pam paid a gift tax of $45,000. Tracy's income tax basis in the land is:

When the Annual Exclusion Was $14,000, Pam Makes a Gift