All of the following statements regarding the definition of basis other than cost are true except Multiple Choice The basis for assets received as a gift depends on whether the FMV is greater than, equal to, or less than the donor's basis at the time of the glft. The basis of property transferred to a taxpayer from a former spouse pursuant to a divorce decree is valued at the FMV at the date of the decree. The basis of inherited property is the FMV at the date of death or alternate valuation date that the personal representative is allowed by law to choose. The basis for property recelved in exchange for services rendered is the FMV of the property if the FMV of the services is not known beforehand. Which statement is true regarding short-term capital gains? Multiple Choice net short-term gain and a net long-term gain, both gains are taxed at regular rates. If there are A long-term loss offsets a short-term gain, and if a gain results, the gain taxed at regular rates. A long-term loss offsets a short-term gain, and if a gain results, the gain taxed at preferential rates. net short-term gain and a net long-term gain, both gains are taxed at preferential rates If there are

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