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Sheena Maskell Sheena Maskell
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7 years ago
Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $85,000 and an adjusted basis of $110,000 to Kathleen's grandfather. One year later, Kathleen sold the land for $80,000. What was her gain or (loss) on this transaction?
A) no gain or loss
B) ( $5,000)
C) $5,000
D) $30,000
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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Yoko900Yoko900
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Sheena M. Author
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#2
7 years ago
Really helped
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