Question
During the current year, Don sells a tract of land for $ 750 comma 000 . The property was received as a gift from Marva
During the current year, Don sells a tract of land for $ 750 comma 000 . The property was received as a gift from Marva on March 10, 1995, when the property had a $ 350 comma 000 FMV. The taxable gift was $ 340 comma 000 because the annual exclusion was $ 10 comma 000 in 1995. Marva purchased the property on April 12, 1980, for $ 180 comma 000 . At the time of the gift, Marva paid a gift tax of $ 11 comma 000 . In order to sell the property, Don paid a sales commission of $ 11 comma 000 . Read the requirements LOADING... . Requirement a. What is Don 's realized gain on the sale? Select the formula, then calculate Don 's realized gain on the sale. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar.) Minus: Realized gain
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