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On April 1 of the current year, TJ's uncle gave her land that he had purchased several years ago for $30,000. The land was
On April 1 of the current year, TJ's uncle gave her land that he had purchased several years ago for $30,000. The land was worth $20,000 at the time of the gift. TJ sold the land on December 1 of the current year for $25,000. What is the amount of TJ's taxable income (loss) in the current year related to the gifted property?
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Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
