Question 24 Larry purchased real property for $25,000 and sold it the next...
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Question Larry purchased real property for $ and sold it the next year to Kim, Larry's child, for the fair market value of $ Later, Kim sold the property to Harry, who is not related to Kim or Larry, for $ What amount, if any, should be recognized by Kim? $ loss $ loss $ gain So $ gain 
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Larry purchased real property for $ and sold it the next year to Kim, Larry's
child, for the fair market value of $ Later, Kim sold the property to Harry,
who is not related to Kim or Larry, for $ What amount, if any, should be
recognized by Kim?
$ loss
$ loss
$ gain
So
$ gain
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