Kathleen Received Land As A Gift From Her Uncle At The Time Of The Gift The Land

Kathleen received land as a gift from her uncle. At the time of the gift, the land had a FMV of $85,000 and an adjusted basis of $110,000 to Kathleen’s uncle. One year later, Kathleen sold the land for $80,000. What was her realized gain or loss on this transaction?

 

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"