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On sept 30 of last year rex received some investment land fromholly as a gift Hollys adjusted basis was $50000 and the land wasvalued at $40000 at the time of the gift Holly acquired the

On sept 30 of last year, rex received some investment land fromholly as a gift. Hollys adjusted basis was $50,000 and the land wasvalued at $40,000 at the time of the gift. Holly acquired the landfive years ago. What is the amount and character of rex'srecognized gain (loss) if he sells the land on May 12 this year for$32,000?

Mar 26 2020 View more View Less

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