LO.4 Sarah received a gift of farmland from her father. The land was worth $4 million at
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LO.4 Sarah received a gift of farmland from her father. The land was worth $4 million at the date of the gift, had been farmed by her father for 40 years, and had a tax basis for her father of $30,000. Sarah never farmed the land and sold it eight months after receiving it from her father for $4.2 million. What is Sarah’s holding period for the farmland?
What is the nature of the gain from its disposition?
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Related Book For
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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