On September 18, 2012, Jerry received land and a building from Ted as a gift. Ted had purchased the land and building on March 5, 2009, and his adjusted basis and the fair market value at the date of the gift were as follows:
Ted paid gift tax on the transfer to Jerry of $96,000.

Question

On September 18, 2012, Jerry received land and a building from Ted as a gift. Ted had purchased the land and building on March 5, 2009, and his adjusted basis and the fair market value at the date of the gift were as follows:
  Ted paid gift tax on the transfer to Jerry of $96,000.

Quizplus · Accepted Answer

The Answer of On September 18, 2012, Jerry received land and a building from Ted as a gift. Ted had purchased the land and building on March 5, 2009, and his adjusted basis and the fair market value at the date of the gift were as follows:
  Ted paid gift tax on the transfer to Jerry of $96,000.

On September 18, 2012, Jerry Received Land and a Building