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Javier has a parcel of vacant land that he had purchased as an investment. The land has an adjusted cost base of $142,000 to Javier.
Javier has a parcel of vacant land that he had purchased as an investment. The land has an adjusted cost base of $142,000 to Javier. The fair market value of the land on January 1 of the current taxation year is $171,000. On this date, Javier gifts the property to his 14-year-old daughter, Taylor. Taylor subsequently sold the land on December 1 of the current year for its fair market value of $187,000.
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Intermediate Accounting Volume 2
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
8th Edition
1260881245, 9781260881240
