Parrot received land as a gift with a fair market value of $5,000. The land was purchased

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Parrot received land as a gift with a fair market value of $5,000. The land was purchased by the donor for $8,000. The land is sold for $6,000.

What amount of gain should be reported?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Jul 22, 2023 06:18 AM

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Parrot received land as a gift with a fair market value of $5,000. The land was purchased

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Income Tax Fundamentals 2013

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