Married taxpayers get divorced. As part of the divorce one Sam receives land worth $100,000 which had
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Married taxpayers get divorced. As part of the divorce one Sam receives land worth $100,000 which had an adjusted basis of $25,000 and had been held by the spouses in joint tenancy for 3 years.
1. Does Sam have income from the settlement
2. What is Sam’s basis in the land?
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