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Question 12 (2.5 points) Saved Your grandfather purchased a piece of commercial real estate...

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Question 12 (2.5 points) Saved Your grandfather purchased a piece of commercial real estate along -30 in 1945, for $50,000. It was worth $7,000,000 when he passed away in late 2018, and bequeathed the property to you. You sell it in 2019, after owning it for 3 months, for $7,300,000. How much is your taxable gain, and what is the nature of the gain? $7,000,000, STCG $300,000; LTCG $6,950,000; LTCG $300,000: STCG Question 23 (2.5 points) Saved You own your home for 20 years. You paid $250,000 for it and could not afford to take very good care of the building or the landscaping. After you could not pay your taxes for the year, you decided to auction off the house to the highest bidder. You had no mortgage on the home, so you were happy when you received $110,000. What is the nature of the $140,000 difference? A deductible loss on Schedule D O A deductible loss on Form 4797 An itemized deduction on Schedule A None of the above

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