Burke is anxious to purchase land owned by Kim for use in his trade or business. Kim's

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Burke is anxious to purchase land owned by Kim for use in his trade or business. Kim's basis for the land is $150,000, and Burke has offered to pay $800,000 if she will sell within the next 10 days. Kim is interested in selling but wants to avoid recognizing gain. What advice would you give?
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Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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