Belinda gifts a classic car to her niece Tara. The car's fair market value at the time of gift is $85,000. And Belinda's basis in the car was $44,000. 1) Who is responsible for the gift tax (if applicable)? 2) What is the value of the gift for gift tax purposes? Belinda; $15,000 Belinda; $85,000 Belinda; $44,000 O Tara; $85,000

Belinda gifts a classic car to her niece Tara. The car's fair market value at the time of gift is $85,000. And Belinda's basis in the car was $44,000. 1) Who is responsible for the gift tax (if applicable)? 2) What is the value of the gift for gift tax purposes? Belinda; $15,000 Belinda; $85,000 Belinda; $44,000 O Tara; $85,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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