2019

Amna owns undeveloped land with an adjusted basis of $137,500. She sells the property to George for $178,750. Required: a. What is Amna's realized and recognized gain? Realized and recognized gain b. To what IRC section does the gain on the property apply? O $1221 $ 1231 S 1245 S 1250 c. If the land is used in a trade or business, to what IRC section does the gain on the property apply? $ 1221 $ 1231 OS 1245 OS 1250