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Exercise 13-31 (Algorithmic) (LO. 4) Lisa sells business property with an adjusted basis of $219,400 to her son, Alfred, for its fair market value of
Exercise 13-31 (Algorithmic) (LO. 4) Lisa sells business property with an adjusted basis of $219,400 to her son, Alfred, for its fair market value of $175,520. If an amount is zero, enter "0". a. What is Lisa's realized and recognized gain or loss? Lisa has a $ 43,880 realized loss of which $ 0 is recognized. b. What is Alfred's recognized gain or loss if he subsequently sells the property for $241,340? For $142,610? If Alfred sells the property for $241,340, he has a recognized gain of $ 65,820 X. If Alfred sells the property for $142,610, he has a recognized loss of $ 28,910 X
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