Kathleen Received Land as a Gift from Her Grandfather

question 80

Multiple Choice

Kathleen received land as a gift from her grandfather.At the time of the gift,the land had a FMV of $85,000 and an adjusted basis of $110,000 to Kathleen's grandfather.One year later,Kathleen sold the land for $80,000.What was her gain or (loss) on this transaction?

• A)no gain or loss
• B)($5,000)
• C)$5,000
• D)$30,000

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