As part of the property settlement related to their divorce, Cindy must give Allen the house that

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As part of the property settlement related to their divorce, Cindy must give Allen the house that they have been living in, while she gets 100 percent of their savings accounts. The house was purchased for $90,000 15 years ago in Southern California and is now worth $700,000. How much gain must Cindy recognize on the transfer of the house to Allen? What is Allen's tax basis in the house for calculating tax on any future sale of the house?

Cindy ____________________

Allen _____________________

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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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