LO.3 Laura receives a gift of real estate with an adjusted basis of $107,000 and a fair
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LO.3 Laura receives a gift of real estate with an adjusted basis of $107,000 and a fair market value of $92,000. The donor paid gift tax of $19,000 on the transfer. If Laura later sells the property for $99,000, what is her recognized gain or loss?
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Related Book For 
South Western Federal Taxation 2011 Taxation Of Business Entities
ISBN: 9780538498616
14th Edition
Authors: James E. Smith, William A. Raabe, David M. Maloney
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