Exercise 13-31 (Algorithmic) (LO. 4) Lisa sells business property with an adjusted basis of $198,700...
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Exercise 13-31 (Algorithmic) (LO. 4) Lisa sells business property with an adjusted basis of $198,700 to her son, Alfred, for its fair market value of $158,960. If an amount is zero, enter "0". a. What is Lisa's realized and recognized gain or loss? Lisa has a $ realized of which $ is recognized. b. What is Alfred's recognized gain or loss if he subsequently sells the property for $218,570 ? For $129,155 ? If Alfred sells the property for $218,570, he has a recognized of $ If Alfred sells the property for $129,155, he has a recognized of $
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