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Question 12 of 50. If the fair market value (FMV) of gifted property on the date of the gift is less than the donors adjuste
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If the FMV is equal to or greater than the donor's adjusted basis basis used to compute gain is the  donor's adjusted basis at the time of receipt of  gift. However if the FMV is less than donors adjusted basis and there is gain, the basis = donor's adjusted basis +/- adjustments made to basis while the asset was held.

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