T receives an acre of land as a gift. At the time of the gift...
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Accounting
T receives an acre of land as a gift. At the time of the gift the land had a FMV of $8,000 and the donors basis was $10,000. No events occurred to increase or decrease your basis. What is the gain if T sells the land for $12,000? What is T sells the land for $7,000?
Uncle gifts property to T. He has no idea his basis in the property. What basis should be used?
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