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Margo receives a gift of real estate with an adjusted basis of $283,000 and a fair market value of $313,000. No gift tax was paid
Margo receives a gift of real estate with an adjusted basis of $283,000 and a fair market value of $313,000. No gift tax was paid on the transfer.
Margo's basis for gain is _________ and her basis for a loss is $______
If Margo later sells the property for $328,000, what is her recognized gain or loss? She recognized _________ is $_________
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