*****PLEASE SHOW WORK..THANK YOU*****Mike Morgan gives Paul Piers property worth $35,000. Mike's basis in the...
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*****PLEASE SHOW WORK..THANK YOU*****Mike Morgan gives Paul Piers property worth $35,000. Mike's basis in the property is $30,000. a.) If Paul sells the property for $37,000, what is his gain or loss on the sale? (b.) If Paul sells the property for $25,000, what is his gain or loss? (c.) If the fair market value on the date of the gift is $27,000 and Paul sells the property for $24,500, what is his gain or loss? (d.) If the fair market value equals $27,000 and Paul sells the property for $28,000, what is the gain or loss?
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