Solved: Compute the gain or loss on land, Taxation

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Compute the gain or loss on land

Response to the following problem:

Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $105,000 and an adjusted basis of $85,000 to Kathleen's grandfather. The grandfather did no have any gift taxes due. One year later, Kathleen sold the land for $110,000. What was her gain or loss on this transaction?

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Taxation: Compute the gain or loss on land

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