Please prepare a short research memo responding to this client question: Our client,...
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Accounting
Please prepare a short research memo responding to this client question:
Our client, H.G. Lucky received an acre of land as a gift several years ago. At the time of the gift the land had a FMV of $8,000 and the donors basis was $10,000. No events occurred to increase or decrease H.G.s basis. H. would like to sell it for $7,000 so he can go on a River Cruise he saw on Masterpiece Theatre. His wife, has no interest in a River Cruise and thinks the land can be sold for $12,000. What is the net amount he will receive if he sells it for the $7,000 or if he sells it for what his wife believes it is worth, $12,000. Assume a 15% tax rate.
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