Lashea sells land with an adjusted basis of $73,000 and a fair market value of $66,000 to

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Lashea sells land with an adjusted basis of $73,000 and a fair market value of $66,000 to her mother, Zenobia, for $66,000. Zenobia holds the land for two years and sells it in the marketplace (to Crista) for $72,000.

Determine the tax consequences to Lashea and Zenobia.

How would your answer to (a) above change if Zenobia sold the property for $60,000?

Posted Date: Apr 08, 2022 05:51 AM

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Lashea sells land with an adjusted basis of $73,000 and a fair market value of $66,000 to

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B a Lashea gets 966000 by selling the land to her mother and the adju... View the full answer

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