Angelina gave a parcel of realty to Julie valued at $160,000 (Angelina purchased the property...
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Accounting
Angelina gave a parcel of realty to Julie valued at $160,000 (Angelina purchased the property five years ago for $68,000). Required:
- Compute the amount of the taxable gift on the transfer, if any.
- Suppose several years later Julie sold the property for $166,300. What is the amount of her gain or loss, if any, on the sale?
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