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Wade inherited a piece of land from a family friend, Roger, 1 0 months ago. At the time he inherited the land, its FMV was
Wade inherited a piece of land from a family friend, Roger, months ago. At the time he inherited the land, its FMV was $ Rogers basis in the land was $ the price he bought the land for years ago. Which of the following is correct? a If Wade sells the land today for $ he will recognize no gain or loss on the sale of his inherited property. b If Wade sells the land today for $ he will recognize $ of capital gain. c When Wade sells the land, Rogers estate will recognize any related capital gain or loss on the sale. d If Wade sells the land today, the gain will be treated as short term.
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