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Shontelle received a gift of income producing property (rental property) with an adjusted basis of $49,000 to the donor and fair market value of $39,000
Shontelle received a gift of income producing property (rental property) with an adjusted basis of $49,000 to the donor and fair market value of $39,000 on the date of the gift. No gift tax was paid by the donor. Shontelle subsequently sold the property for $29,000. What is the gain or loss?
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