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Billy and Sue Are Married and Live in Texas,a Community

question 20

Multiple Choice

Billy and Sue are married and live in Texas,a community property state.They jointly own real property with an adjusted basis of $200,000.When the property has a FMV of $450,000,Billy dies leaving all of the property to Sue.If she later sells the property for $650,000,what is Sue's gain on the sale?


Definitions:

Norris-LaGuardia Act

A 1932 U.S. federal law that restricted the power of federal courts to issue injunctions against nonviolent labor disputes.

Landrum-Griffin

A law, officially known as the Labor-Management Reporting and Disclosure Act of 1959, aimed at regulating labor unions' internal affairs and their officials.

Taft-Hartley

Refers to the Taft-Hartley Act, a 1947 federal law that restricts the activities and power of labor unions in the United States.

Wagner Act

A foundational statute in United States labor law that protects the rights of workers to form unions and engage in collective bargaining.

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