Question
2. Dylan owns three assets. She paid $500,000 for each of them. She doesnt sell asset A, but at year end it is worth$700,000. She
2. Dylan owns three assets. She paid $500,000 for each of them. She doesnt sell asset A, but at year end it is worth$700,000. She trades Asset B (not real estate) for another asset with a fair market value worth $360,000 and the buyer tell Dylan that the buyer will pay her tax liability for the year. Dylans tax liability was $305,000 for the year. Finally, Dylan gives Asset C to her lawyer for setting up an elaborate estate planning idea. The lawyer charged a friend of Dylan $333,000 for a similar plan and involving a similar amount of assets. What is Dylans taxable income from these Assets?
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