Nancy gives her niece a crane to use in her business with a fair market value of $61,000 and a basis in Nancy's hands of $80,000.No gift tax was paid.What is the niece's basis for depreciation (cost recovery)?
A)$0
B)$19,000
C)$61,000
D)$80,000

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The Answer of Nancy gives her niece a crane to use in her business with a fair market value of $61,000 and a basis in Nancy's hands of $80,000.No gift tax was paid.What is the niece's basis for depreciation (cost recovery)?
A)$0
B)$19,000
C)$61,000
D)$80,000

Nancy Gives Her Niece a Crane to Use in Her