n 2020, Bob’s mother gave Bob a used car for his birthday. Bob’s mother purchased the car in 2012 fo

n 2020, Bob’s mother gave Bob a used car for his birthday. Bob’s mother purchased the car in 2012 for $35,000. On the date of the gift, the car had an FMV of $20,000. What is Bob’s gross income from the receipt of the car?

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