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Exercise 14-24 (Algorithmic) (LO. 4) Lisa sells business property with an adjusted basis of $226,300 to her son, Alfred, for its fair market value
Exercise 14-24 (Algorithmic) (LO. 4) Lisa sells business property with an adjusted basis of $226,300 to her son, Alfred, for its fair market value of $181,040. If an amount is zero, enter "0". a. What is Lisa's realized and recognized gain or loss? Lisa has a $ realized gain is recognized. loss of which $ b. What is Alfred's recognized gain or loss if he subsequently sells the property for $248,930? For $147,095? If Alfred sells the property for $248,930, he has a recognized of $ If Alfred sells the property for $147,095, he has a recognized of $
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