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Van Winkle purchased an acre of land in Malibu in 1960 for $2 million. When he died on 1/1/2021 the land was worth $6,000,000. He
Van Winkle purchased an acre of land in Malibu in 1960 for $2 million. When he died on 1/1/2021 the land was worth $6,000,000. He left the property to his granddaughter Portland who sold it on 9/1/2021 for $5 million. Portland recognizes a long-term capital loss of $1 million.
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