When a recipient of a gifted asset does not know the donor's original basis, the Internal Revenue Service (IRS) attempts to determine the basis by inquiring with the donor or other knowledgeable parties, or by estimating the fair market value of the asset at the time the donor originally acquired it.

Authors

• Person: Not available Organization: Center for American Progress
  How the Government Subsidizes Wealth Inequality

Sources

• How the Government Subsidizes Wealth Inequality www.americanprogress.org Center for American Progress via serper

Referenced by nodes (1)

• Internal Revenue Service entity