Gordon died on January 1 and by his will left land with an adjusted basis of $60,000 and an FMV of $100,000 to Becky. Becky disclaims the property on December 31 of the year of death, when the land was still worth $100,000. Becky has made a gift (before the annual gift tax exclusion) of
A) $100,000.
B) $60,000.
C) $50,000.
D) $0.
A) $100,000.
The disclaimer is not effective since it was made more than nine months after the date of Gordon's death.
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