In 2011, Avery bought a gold necklace for her own use at a cost of $8,000. In 2018 when the fair market value of the gold necklace was $10,000, Avery gave this necklace to her daughter Bella. Later in 2018, Bella sold the necklace for 10,500. What is Bella's taxable gain for the sale of the necklace ?
In 2011, Avery bought a gold necklace for her own use at a cost of $8,000. In 2018 when the fair market value of the gold necklace was $10,000, Avery gave this necklace to her daughter Bella. Later in 2018, Bella sold the necklace for 10,500. What is Bella's taxable gain for the sale of the necklace ?
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 81P
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In 2011, Avery bought a gold necklace for her own use at a cost of $8,000. In 2018 when the fair market value of the gold necklace was $10,000, Avery gave this necklace to her daughter Bella. Later in 2018, Bella sold the necklace for 10,500. What is Bella's taxable gain for the sale of the necklace ?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT