46. LO.4 Margo receives a gift of real estate with an adjusted basis of $175,000 and a...

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46. LO.4 Margo receives a gift of real estate with an adjusted basis of $175,000 and a fair market value of $100,000. The donor paid gift tax of $15,000 on the transfer. If Margo later sells the property for $110,000, what is her recognized gain or loss?

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