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David has a non-depreciable property with an adjusted cost base of $132,000. The fair market value of the property is $148,000. Jason sells the property
David has a non-depreciable property with an adjusted cost base of $132,000. The fair market value of the property is $148,000. Jason sells the property to his son Max for $142,000. Two years later, Max sells the property to an unrelated individual for $166,000.
How much capital gain will be recognized by each on the sale of the property?
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South Western Federal Taxation 2017 Comprehensive
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
40th Edition
1305874161, 978-1305874169
