QUESTION 30 John received a bulding as a gift from his grandmother. At the time of the gift the building had a FMV or $42,500 and an adjusted basis of S5.000 to Jhns grandmother. The grandmother did not have any git taxes due. Two years later, John sold the bulding for $40.000. What was his gain or (onn) on this ansaction O $15,000 Gain O $2,500 Loss O $15,000 Loss O $2,500 Gain O No Gain or Loss
QUESTION 30 John received a bulding as a gift from his grandmother. At the time of the gift the building had a FMV or $42,500 and an adjusted basis of S5.000 to Jhns grandmother. The grandmother did not have any git taxes due. Two years later, John sold the bulding for $40.000. What was his gain or (onn) on this ansaction O $15,000 Gain O $2,500 Loss O $15,000 Loss O $2,500 Gain O No Gain or Loss
Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations
Section: Chapter Questions
Problem 44P
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Transcribed Image Text:QUESTION 30
grandmother. The grandmother did not have any gift taxes due. Two years later. John sold the building for S40,000. What was his gain or (losa) on this transaction
O $15,000 Gain
O $2,500 Loss
O $15,000 Loss
O $2,500 Gain
O No Gain or Loss
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