ohns dad Dave purchased a property for $1,500,000 a few years ago. When the property values have declined, he gifted it to John for $1,263,000. John sold the property a year later for $1,100,000. What is the amount of the taxable gift?2009

$1,08,700

$1,250,000

$1,487,000

$ 0

$1,263,000

From proceeding question, how much gift tax did Dave pay?

$ 0

$102,500

$107,250

$210,000

Based on the information in Q#3, what are the income tax implications to John when he sold the property for $1,100,000?

$ 0

$400,000 Long term capital loss

$1,100,000 Long term capital loss

$163,000 Long term capital loss