Chris receives a gift of a passive activity from his father whose basis was $60,000 . Suspended losses related to the activity are $18,000 . Chris will be allowed to offset the $18,000 suspended losses against future passive activity income
a. True
b. False
Indicate whether the statement is true or false
False
RATIONALE: A gift of a passive activity results in the suspended losses being added to the adjusted basis of the property.
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