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After 5 years of marriage, Dave and Janet decided to get a divorce. As part of the divorce settlement, Janet transfers to Dave the house she purchased prior to their marriage. Janet's adjusted basis for the house is $230,000 and the fair market value is $410,000 on the date of the transfer. What are the tax consequences to Janet and to Dave as a result of the transfer?
Entrepreneur's Potential Earnings
Entrepreneur's potential earnings are the anticipated income an entrepreneur expects to generate from their business ventures, considering the risks and opportunities involved.
Annual Lease
is a contract specifying the terms under which one party agrees to rent property from another party for a period of one year.
Entrepreneur's Forgone Interest
The potential income an entrepreneur sacrifices by investing resources in their own business rather than applying them elsewhere.
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