If A, a U.S. income tax nonresident alien, gifts U.S. real estate having a gross value of
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Question:
If A, a U.S. income tax nonresident alien, gifts U.S. real estate having a gross value of $900,000 and a basis of $320,000, which real estate is subject to a mortgage of $400,000, to R, his U.S. citizen cousin who assumes the mortgage, A will have IRC §897 gain of:
Group of answer choices
$320,000
$ -0-
$400,000
$80,000
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: