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  3. curt has owned the following assets for a number o

Curt has owned the following assets for a number of years which he gives to...

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Accounting

Curt has owned the following assets for a number of years which he gives to his daughter Carla. No gift tax results.

Fair Market

Basis

Value

Land

$200,000

$400,000

Securities

800,000

600,000

If Carla immediately sells these assets for $1 million ($400,000 + $600,000), she recognizes:

a.

No gain or loss.

b.

A $200,000 LTCG and no loss.

c.

A $200,000 STCG and $200,000 STCL.

d.

A $200,000 STCG and no loss.

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