Gital inherited a piece of land when a close relative died on July 26, 2020. The FMV of the land at the date of death was $40,000 and cost the relative $20,000 in 2014. Gital sold the land on March 29, 2021 for $45,000. What are the amount and nature of the gain on the sale?

Answer rating: 100% (QA)

To calculate the gain on the sale of the land we need t... View the full answer