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PI:5-33 (similar to) Question Help Trixie owns a nondepreciable capital asset held for investment. The asset was purchased for $280,000 six years earlier and is
PI:5-33 (similar to) Question Help Trixie owns a nondepreciable capital asset held for investment. The asset was purchased for $280,000 six years earlier and is now subject to a $60,000 liability. During the current year, Trixie transfers the asset to Tad in exchange for $100,000 cash and a new automobile with a $55,000 FMV to be used by Trixie for personal use. Tad assumes the $60,000 liability Requirement Determine the amount of Trixie's LTCG or LTCL. (Use parentheses or a minus sign to enter a loss.) Trixie will realize a long-term capital gain or loss of
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