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Author Question: Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV ... (Read 42 times)

abern

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on: Sep 13, 2020
Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $105,000 and an adjusted basis of $85,000 to Kathleen's grandfather. The grandfather did not have any gift taxes due.  One year later, Kathleen sold the land for $110,000. What was her gain or (loss) on this transaction?
◦ no gain or loss
◦ ($ 5,000)
◦ $20,000
◦ $25,000
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by abern on Sep 13, 2020

Tonyam972

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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abern

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

kishoreddi

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Reply 3 on: Yesterday
Wow, this really help

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