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Geraldine Inherited a Piece of Land When Her Father Albert

question 33

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Geraldine inherited a piece of land when her father Albert died on July 26,2015 The FMV of the land at the date of death was $40,000 and cost Albert $20,000 in 2009.Geraldine sold the land on March 29,2016 for $45,000.What are the amount and nature of the gain on the sale?


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