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The dropdown is either gain or loss Angelina gave a parcel of realty to Julie valued at $141,250 (Angelina purchased the property five years ago

image text in transcribedThe dropdown is either gain or loss

Angelina gave a parcel of realty to Julie valued at $141,250 (Angelina purchased the property five years ago for $60,500). Required: a. Compute the amount of the taxable gift on the transfer, if any. b. Suppose several years later Julie sold the property for $147,050. What is the amount of her gain or loss, if any, on the sale? a. Amount of taxable gift

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