a. Amount of taxable gift b. Amount of gain $ 114,500 X $ 121,800
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 40P
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Transcribed Image Text:Oisha gave a parcel of realty to Julie valued at $197,500 (Oisha purchased the property five years ago for $83,000).
a. Compute the amount of the taxable gift on the transfer, if any.
b. Suppose several years later Julie sold the property for $204,800. What is the amount of her gain or loss, if any, on the sale?
Answer is complete but not entirely correct.
$ 182.500
$ 121,800
a. Amount of taxable gift
b. Amount of gain
Transcribed Image Text:Oisha gave a parcel of realty to Julie valued at $197,500 (Oisha purchased the property five years ago for $83,000).
a. Compute the amount of the taxable gift on the transfer, if any.
b. Suppose several years later Julie sold the property for $204,800. What is the amount of her gain or loss, if any, on the sale?
Answer is complete but not entirely correct.
$ 114,500 X
$ 121,800✔
a. Amount of taxable gift
b. Amount of gain
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