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Required information The following information applies to the questions displayed below. On September of last year, Rex received some investment land from Holly as a gift. Holly's basis was $ and the land was valued at $ at the time of the gift. Holly acquired the land five years ago. What are the amount and character of Rex's recognized gain loss if he sells the land on May this year at the following prices? Note: Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable. c Land sold for $ 
Required information
The following information applies to the questions displayed below.
On September of last year, Rex received some investment land from Holly as a gift. Holly's basis was $ and the
land was valued at $ at the time of the gift. Holly acquired the land five years ago. What are the amount and
character of Rex's recognized gain loss if he sells the land on May this year at the following prices?
Note: Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.
c Land sold for $
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