Martinho is a citizen of Brazil and lives there year round
Martinho is a citizen of Brazil and lives there year-round. He has invested in a plot of Illinois farmland with a tax basis to him of $1 million. Martinho has no other business or investment activities in the United States. He is not subject to the alternative minimum tax. Upon sale of the land for $1.5 million to Emma, an Illinois person, what are the Federal income tax consequences to Martinho?
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