Courney is a licensed architect who works part-time as an architectural consultant. One of Courtney’s clients was interested in building a shopping center on a tract of land she owned in Lincoln County. Courtney inherited the property from her uncle when he died on June 6, 1999. At that time, the land was valued at $40,000. It has since been rezoned for commercial use and has a current value of $200,000. On February 10, 2019, Courtney exchanged the Lincoln parcel for a similar tract in Minnehaha County worth $190,000 and cash of $10,000.

How to report this problem on a tax return?

Answer rating: 100% (QA)

Longterm capital gain is derived from the sale of assets held for more ... View the full answer