Pauline sells antique furniture to her daughter, Nicole, for $10,000. If the furniture is really worth $100,000, Pauline has made a gift to Nicole of $100,000.

Name: Pauline sells antique furniture to her daughter, Nicole, for $10,000. If the furniture is really worth $100,000, Pauline has made a gift to Nicole of $100,000.
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Question

Quizplus · Accepted Answer

Pauline has made a gift of $90,000, which is the difference between the furniture's actual value ($100,000) and the amount Nicole paid ($10,000).

Pauline Sells Antique Furniture to Her Daughter, Nicole, for $10,000