TP was gifted vacant land with a basis of $22,000and a FMV at the time of the gift of $20,000. Sold it 3 years later for $25,000. What is the recognized gain?
TP was gifted vacant land with a basis of $22,000and a FMV at the time of the gift of $20,000. Sold it 3 years later for $25,000. What is the recognized gain?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions
Section: Chapter Questions
Problem 9CE
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TP was gifted vacant land with a basis of $22,000and a FMV at the time of the gift of $20,000. Sold it 3 years later for $25,000. What is the recognized gain?
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