Sunland Company took a physical inventory on December 31 and determined that goods costing $631,000 were on hand. Not included in the physical count were $9,000 of goods purchased from Blossom Corporation, f. o.b. shipping point, and $31,000 of goods sold to Ro-Ro Company for $37,000, f. o.b. destination. Both the Blossom purchase and the Ro-Ro sale were in transit at year-end. What amount should Sunland report as its December 31 inventory

Brody and tanya recently sold some land they owned for $150,000. they received the land five years ago as a wedding gift from brody's aunt jeanette. she had already given them cash equal to the annual exclusion during that year. aunt jeanette purchased the land many years ago when the property was worth $20,000. at the time of the gift, the property was worth $100,000 and aunt jeanette paid $47,000 in gift tax. what is the long term capital gain on the sale of the property