LO.2 Uncle Tom promised John, Come and take care of me, and I will leave you the

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LO.2 Uncle Tom promised John, “Come and take care of me, and I will leave you the farm when I die.” John took care of Uncle Tom for the five years preceding his death.

When Uncle Tom died, in accordance with his will, John received the farm. Can John exclude the value of the farm from his gross income as a gift or inheritance, or has he received compensation income?

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