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Business, 02.03.2020 18:08 genyjoannerubiera

Joycelyn gave a diamond necklace to her granddaughter Emma. Joycelyn had purchased the necklace in 1980 for $20,000. The FMV of the necklace at the time of the gift was $50,000. After deducting the annual exclusion, the amount of the gift was $35,000. Gift taxes of $10,000 were paid. What is Emma's adjusted basis in the necklace?

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Joycelyn gave a diamond necklace to her granddaughter Emma. Joycelyn had purchased the necklace in 1...
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