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Business, 26.12.2020 23:40 hodgesr3346

Arthur owns a tract of undeveloped land (adjusted basis of $145,000) which he sells to his son, Ned, for its fair market value of $105,000. What is Arthur’s recognized gain or (loss) and Ned’s basis in the land?

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Arthur owns a tract of undeveloped land (adjusted basis of $145,000) which he sells to his son, Ned,...
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