On September 18,2010,Jerry received land and a building from Ted as a gift.Ted had purchased the land and building on March 5,2007,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 18,2010,Jerry received land and a building from Ted as a gift.Ted had purchased the land and building on March 5,2007,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 18,2010,Jerry received land and a building from Ted as a gift.Ted had purchased the land and building on March 5,2007,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 18,2010,Jerry Received Land and a Building from Ted