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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Definitions:

Voting Rates

The percentage of eligible voters who participate in an election, indicating the level of political engagement within a population.

Education Level

The highest degree or level of school completed by an individual, often used as a measure for statistical analysis related to demographics.

Nineteenth Amendment

An amendment to the U.S. Constitution that granted women the right to vote, ratified in 1920.

Women

refers to adult human females, but in societal and political contexts, the term often pertains to issues surrounding gender equality, rights, and representation.