Nikeya sells land (adjusted basis of $120,000) to her adult son, Shamed, for its appraised...
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Accounting
Nikeya sells land (adjusted basis of $120,000) to her adult son, Shamed, for its appraised value of $95,000. Assume all of Shameds sales are to a non-related party.
a) How much gain or loss does Nikeya recognize on the sale?
b) How much gain or loss does Shamed recognize if he later sells the land for $125,000?
c) What if Shamed later sells the land for $90,000?
d) What if Shamed later sells the land for $105,000?
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