A taxpayer received an investment property from a former spouse as a result of a divorce. The
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A taxpayer received an investment property from a former spouse as a result of a divorce. The former spouse had purchased the property for $100,000 several years before they got married, and the fair market value of the property was $175,000 at the time of the divorce. One year after receiving the property, the taxpayer obtained a loan secured by the property in the amount of $50,000. One year after obtaining the loan, the taxpayer sold the property for $190,000 and used the proceeds to repay the loan.What amount is the taxpayer's recognized tax gain from the sale of the property?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: