Emma gives her personal use automobile (cost of $32,000;fair market value of $12,000)to her son,Louis,on July 3,2014.She has owned the automobile since July 1,2011.
a.What is Louis' basis for the car?
b.When does his holding period begin?

Question

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The Answer of Emma gives her personal use automobile (cost of $32,000;fair market value of $12,000)to her son,Louis,on July 3,2014.She has owned the automobile since July 1,2011.
a.What is Louis' basis for the car?
b.When does his holding period begin?

Emma Gives Her Personal Use Automobile (Cost of $32,000;fair Market