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Warren Buffett owns land that he received from his father 10 years ago as a gift. The land was purchased by his father in 1995
Warren Buffett owns land that he received from his father 10 years ago as a gift. The land was purchased by his father in 1995 for $5,000 and was worth $10,000 at the time of the gift. The property is currently worth about $50,000. He is considering selling the land and purchasing a piece of property in the mountains. What is the recognized gain or loss for the land if they are sold?
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