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Patty Purchaser purchases Blackacre, 175 acres of unimproved land for $4 million. Three years later, she enters into a contract to sell Blackacre to a
Patty Purchaser purchases Blackacre, 175 acres of unimproved land for $4 million. Three years later, she enters into a contract to sell Blackacre to a third party for $7 million and comes to you as her trusted advisor to advise her of the tax consequences of the sale. What do you tell her?
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