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Homework answers / question archive / 7
7.When the recipient sells a gift for a gain, the basis for a non-cash gift is generally a. the value of the gift at the time of the transfer b. dependent on the type of property that was gifted c. the value of the gift at the end of the year in which the transfer occurred d. the transferor’s basis
The correct answer is Option A
When the gift is given out of generosity and there is a profit motive behind it then the value of the gift is computed according to the value at the time of transfer of the gift.
