Kathleen Received Land as a Gift from Her Grandfather

question 78

Multiple Choice

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 not have any gift taxes due.One year later,Kathleen sold the land for $110,000.What was her gain or (loss) on this transaction?

• A)no gain or loss
• B)($5,000)
• C)$20,000
• D)$25,000

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Definitions:

Deafness

A condition marked by the partial or complete inability to hear.

Prosopagnosia

A neurological condition characterized by the inability to recognize familiar faces, also known as face blindness.

Somatosensory Deficit

A condition marked by an impaired ability to process sensory information from the body, including touch, temperature, pain, and body position.

Somatosensory Cortex

A region of the brain's cerebral cortex involved in processing sensory information from the body, including touch, temperature, and pain.