Question
On September 30 of last year, Rex received some investment land from Holly as a gift. Hollys adjusted basis was $50,000 and the land was
On September 30 of last year, Rex received some investment land from Holly as a gift. Hollys adjusted basis was $50,000 and the land was valued at $40,000 at the time of the gift. Holly acquired the land five years ago. What is the amount of Rexs recognized gain (loss) if he sells the land on May 12 this year at $33,000?
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How To Avoid IRS Audits
Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.
1st Edition
1530746477, 978-1530746477
