Question
Aunt Sara gifted land on January 1, 20x4, FMV of $80,000 to Bianka that she had originally purchased on January 1, 20x1, for $100,000. On
Aunt Sara gifted land on January 1, 20x4, FMV of $80,000 to Bianka that she had originally purchased on January 1, 20x1, for $100,000.
On January 1, 20x6, Bianka sold that land for $105,000. What is Bianka's actual recognized gain or loss:
1. $25,000 loss
2. $5,000 loss
3. $25,000 gain
3. $5,000 gain
4. $0
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
