Solved: Kelly is interested in selling but wants to avoid gain, Accounting Basics

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Kelly is interested in selling but wants to avoid gain

Question - Burton wants to purchase land owned by Kelly for use in his trade or business. Kelly's basis in the land is $150,000, and Burton has offered to pay $800,000 if she will sell within the next ten days. Kelly is interested in selling but wants to avoid gain recognition on the sale. Is there any way that Kelly could sell to Burton and still avoid gain recognition?

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Accounting Basics: Kelly is interested in selling but wants to avoid gain

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Accounting Basics: Kelly is interested in selling but wants to avoid gain

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