X, bought a land in 2012 worth 1M (for used in business). In 2018, the land...

 

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X, bought a land in 2012 worth 1M (for used in business). In 2018, the land appreciated in value and increased BY 4M. Later, X sold the land in 2018 at its fair value. What is the taxable gain? X, bought a land in 2012 worth 1M (for used in business). In 2018, the land appreciated in value and increased BY 4M. Later, X sold the land in 2018 at its fair value. What is the taxable gain?

Answer rating: 100% (QA)

To determine Xs taxable gain we need to consider two factors 1 Cost Basis This refers to ... View the full answer