Bobby owned a building with a fair market value of $2,000,000. Bobbys adjusted basis in...

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Accounting

Bobby owned a building with a fair market value of $2,000,000. Bobbys adjusted basis in the building was $1,000,000. Bobby agreed to sell the building to his son, Robby, for $1,300,000. What is the amount of Bobbys taxable gift?

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