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u.s taxation (8 points) Debbie sold a major portion of her investment portfolio during the current year. Each of the sales is described below: Fifty

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(8 points) Debbie sold a major portion of her investment portfolio during the current year. Each of the sales is described below: Fifty acres of suburban commercial property sold for $1,550,000. The land was inherited from her father eighteen months earlier when it was worth $1,100,000. Her father had paid $675,000 for the land thirty years earlier. Diamond and emerald necklace sold for $4,000 was received as a gift from her grandmother. Her grandmother had a basis of $4,500 and paid no gift taxes based on the fair market value on the date of gift of $3,750. A mountain cabin worth $105,000 was sold for $25,000, with the mortgage of $80,000 assumed by the buyer. The cabin had cost $85,000 and depreciation of $4,000 had been allowed related to rental usage. Calculate Debbie's gain or loss realized on each of these sales. 50 acres of commercial property Diamond and emerald necklace Mountain cabin

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