Amna owns undeveloped land with an adjusted basis of $127,500. Amna sells the property to George for $165,750.

Required:

What is Amnas realized and recognized gain?

To what IRC section does the gain on the property apply?

1. multiple choice 1

1221

1231

1245

1250

If the land is used in a trade or business, to what IRC section does the gain on the property apply?

1. multiple choice 2

1221

1231

1245

1250