In May 2011, Automatic, Inc. sold land with a basis to Automatic of $100,000, to Jack Jones,

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In May 2011, Automatic, Inc. sold land with a basis to Automatic of $100,000, to Jack Jones, its 60% shareholder, for $80,000. In July, Jack sold the land to an unrelated party for $110,000. What is the amount of Jack's recognized gain?

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South Western Federal Taxation 2017 Corporations, Partnerships, Estates And Trusts

ISBN: 9781305874336

40th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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Question Posted: Apr 18, 2012 09:21 AM

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In May 2011, Automatic, Inc. sold land with a basis to Automatic of $100,000, to Jack Jones,

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South Western Federal Taxation 2017 Corporations, Partnerships, Estates And Trusts

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