In 2017, Holly received a gifted land from her aunt (donor's adjusted basis was $98,000) and the fair market value was $112,000 on the date of gift. This year, Holly sold this land for $102,000. What is Holly's basis in the land and her recognized gain or loss?
A. $98,000, and a gain of $4,000B. $112,000, and a loss of $10,000C. $102,000, and a gain of $4,000D. $102,000, and no gain and loss is recognized. E. None of these.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “In 2017, Holly received a gifted land from her aunt (donor's adjusted basis was $98,000) and the fair market value was $112,000 on the date ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Use the following two statements to answer this question: I. Increasing returns to scale cause economies of scale. II. Economies of scale cause increasing returns to scale. (A) Both I and II are false. (B) Both I and II are true.
Answers (1)
Which of the following may be a current liability? 1. Withheld Income Taxes. 2. Deposits Received from Customers. 3. Deferred Revenue. 4. All of these answers are correct.
Answers (1)
An interpersonal skill is something that you cannot develop. a. True b. False
Answers (1)
The process of organizing information we receive by filling in missing information is called
Answers (1)
It would seem that Commerce Bank has a strong incentive to install bandit barriers to deter robberies? Why: then, wouldn't they do it? The banks have little concern for the safety of their customers and employees.
Answers (1)
New Questions in Business
What will you call an employee who prioritize her goals rather than the team goal?
Answers (1)
Vertical integration allows the firm to gain market power as the firm develops the ability to save on its operations, avoid market costs, improve product quality, and possibly protect its technology from its rivals. A. True B. False
Answers (1)
Do you like School? Yes or No
Answers (1)
Assume that an MNC purchases a foreign building, and then leases the building to another party and allows that party to operate the business in the building for 30 years if the party follows standards set by the MNC.
Answers (1)
Sally Smith incurred expenses of $800 in June which she paid in July. She declared these expenses on her June income statement. By doing this she is following the accounting principle of:
Answers (1)