Tania owns a nondepreciable capital asset held for investment. The asset was purchased for $280,000...
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Tania owns a nondepreciable capital asset held for investment. The asset was purchased for $280,000 six years earlier and is now subject to a $10,000 liability. During the current year, Tania transfers the asset to Tom in exchange for $120,000 cash and a new automobile with a $40,000 fair market value (FMV) to be used by Tania for personal use, Tom assumes the $10,000 liability Requirement Determine the amount of Tania's long-term capital gain (LTCG) or long-term capital loss (LTCL). (Use parentheses or a minus sign to enter a loss.)
$10.000 liahiliy Requitement
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