81. Three years ago, Geraldine bought a Kandinsky for her art collection from a mail-order advertisement for

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81. Three years ago, Geraldine bought a Kandinsky for her art collection from a mail-order advertisement for $310,000. This year, Geraldine’s art dealer told her that the painting was actually painted by Kansky and is not worth more than $310. What is her deductible loss upon discovery of the forgery?

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Federal Tax Research

ISBN: 9780324659658

8th Edition

Authors: William A. Raabe, Gerald E. Whittenburg, Debra L. Sanders

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