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Martinho is a citizen of Brazil and lives there year-round. He has invested in a plot of Illinois farmland with a tax basis to him

Martinho is a citizen of Brazil and lives there year-round. He has invested in a plot of Illinois farmland with a tax basis to him of $1,000,000. Martinho has no other business or investment activities in the United States. He is not subject to the alternative minimum tax. Martinho sells the land for $1,500,000 to Emma, an Illinois person

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