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Hillary received a vacation cabin as a gift from her father In 2014. Her father’s adjusted basis in the cabin was
$85,000 and the FMV of the cabin was $115,000 at the time of the gift. Hillary sold the cabin in 2021 for
$185,000. What amount will Hillary use as a basis to figure her gain on the sale? Select one: O a.… Show more
$85,000 and the FMV of the cabin was $115,000 at the time of the gift. Hillary sold the cabin in 2021 for
$185,000. What amount will Hillary use as a basis to figure her gain on the sale? Select one: O a.… Show more
