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Lisa sells business property with an adjusted basis of $130,000 to her son, Alfred, for...

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Accounting

Lisa sells business property with an adjusted basis of $130,000 to her son, Alfred, for its fair market value of $100,000.

a. What is Lisa's realized gain and recognized gain or loss?

b. What is Alfred's recognized gain or loss if he subsequently sells the property for $138,000? For $80,000?

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