Mary Jane inherited a parcel of land from her father in 1996, when she inherited his proprietorship
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Mary Jane inherited a parcel of land from her father in 1996, when she inherited his proprietorship business assets. The land was used as a customer parking lot for the proprietorship business. She sold the land in 2022 for $200,000. Her father paid $30,000 for the land, and the value in 1996 was $60,000. The purchaser paid 50,000 cash, with the remaining $150,000 plus interest due in 2024.
REQUIRED Calculate the minimum amount of taxable capital gains Mary will report in 2022.
Related Book For
Business Law The Ethical Global and E-Commerce Environment
ISBN: 978-0071317658
15th edition
Authors: Jane Mallor, James Barnes, Thomas Bowers, Arlen Langvardt
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