Problem 3 (4 Points) In 2016 Dr. Anna sold land that her father gave her...
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Accounting
Problem 3 (4 Points) In 2016 Dr. Anna sold land that her father gave her as a gift in 2010. Annas father purchased the land in 1970 for $50,000. At the time of the transfer the land had a value of $80,000.
--How much gain (loss) does Anna realize and recognize when she sells the land for $120,000?
--How much gain (loss) does Anna realize if instead she inherited the land from her father and sold the land for $70,000?
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