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Define that term #309

By Nicole Black, Esq.

Last week's term was carryover basis, which is defined as:The tax basis of someone who receives a gift. The recipient's basis is the same as the giver's; it simply "carries over" when the gift is made. Edward Wiest got it right!Today's term is:G.A.T.T.It's a new one for me. Do you know what it means? As always, not dictionaries, please.

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Full post as published by Sui Generis on January 18, 2009 (boomark / email).