Law, 11.03.2021 17:10, xxxamslashxxx9

Arthur advises you that he is thinking about selling a Picasso painting that he purchased in 1992 for $150,000, In December 2017, he gifted the painting to his Aunt Betty on her 65th birthday. Arthur reported the gift on his 2017 gift tax return. He obtained an appraisal of the painting in 2017 and reported the gift value at $250,000, and utilized a portion of his unified credit so that he paid no tax on the gift. Arthur advises you that his Aunt died tragically in November 2018 in a car accident. Arthur was surprised to learn that his Aunt had bequeathed the Picasso painting back to him. His Aunt's estate had the painting appraised and reported the value on his Aunt's US Estate Tax Return at $400,000. Arthur advises you that he is seriously considering an offer to sell the Picasso painting for $350,000. Arthur requests that you compute the approximate taxes that he will incur if he sells the painting.

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Arthur advises you that he is thinking about selling a Picasso painting that he purchased in 1992 fo...