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Which of the following statements concerning a bargain sale is not correct? A bargain sale is part sale and part gift. When the sale price

Which of the following statements concerning a bargain sale is not correct?

  1. A bargain sale is part sale and part gift.
  2. When the sale price is below FMV, the gift is the difference between the sale price and the assets FMV.
  3. Bargain sales can be made to charities.
  4. A bargain sale to family members cannot result in a taxable gift.

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