Gloria sells land that she held as an investment for $2,000 to the Lacy for Senate Campaign Committee. Gloria purchased the land twenty years ago for $2,000. The chairman of the Lacy for Senate Campaign Committee intends to sell the land at an auction of Lacy supporters and use the proceeds to purchase television commercial time. He believes that he can sell the land for at least $15,000 to a Lacy supporter at the auction. REQUIRED: Determine the income tax treatment of Gloria's sale to the Lacy for Senate Campaign Committee. Use a tax research database and find the relevant authority(ies) that form the basis for your answer. Your answer should include the exact text of the authority(ies) and an explanation of the application of the authority to Gloria's sale. If there is any uncertainty regarding the tax treatment of the sale, explain what is uncertain and what you need to know to resolve the uncertainty.

http://www.aicpa.org/Research/Standards/Tax/Pages/default.aspx

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