Section 1015 – basis of property received as a gift is the basis of the property in the hands of the donee is the same as the basis in the property in the hands of the donor. There is a deferral of the gain in with the appreciation attributable to the time it is in the hands of the donor.
Section 1015 – basis of property received as a gift is the basis of the property in the hands of the donee is the same as the basis in the property in the hands of the donor. There is a deferral of the gain in with the appreciation attributable to the time it is in the hands of the donor.
T receives a gift from an uncle’s detached and disinterested generosity. T’s uncle has a basis in the property of $70,000 and the FMV of the property at the time of the gift is $100,000. T sells the property for $100,000. What is the gain?
Same T and same uncle, same motivation, but the uncle’s basis is $120,000 and the FMV at the time is $100,000. T sells the property for $130,000. What is the gain?
Same T and same uncle, same motivation, but the sale price is $90,000.
Same T and same uncle, same motivation, but the sales price is $115,000.
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Same T and same uncle, same motivation, but the sales price is $100,000.
Same T and same uncle, same motivation, but the sales price is $120,000
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