ohns dad Dave purchased a property for $1,500,000 a few years ago. When the property...
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ohns dad Dave purchased a property for $1,500,000 a few years ago. When the property values have declined, he gifted it to John for $1,263,000. John sold the property a year later for $1,100,000. What is the amount of the taxable gift?2009
$1,08,700
$1,250,000
$1,487,000
$ 0
$1,263,000
From proceeding question, how much gift tax did Dave pay?
$ 0
$102,500
$107,250
$210,000
Based on the information in Q#3, what are the income tax implications to John when he sold the property for $1,100,000?
$ 0
$400,000 Long term capital loss
$1,100,000 Long term capital loss
$163,000 Long term capital loss
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