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Angelina gave a parcel of realty to Julie valued at $122,500 (Angelina purchased the property five years ago for $53,000). Required: a. Compute the amount

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Angelina gave a parcel of realty to Julie valued at $122,500 (Angelina purchased the property five years ago for $53,000). Required: a. Compute the amount of the taxable gift on the transfer, if any. b. Suppose several years later Julie sold the property for $127,800. What is the amount of her gain or loss, if any, on the sale? a. Amount of taxable gift b. Amount of gain

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