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Taylor Inherited 100 Acres of Land on the Death of His

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Taylor inherited 100 acres of land on the death of his father in 2010.A Federal estate tax return was filed and this land was valued therein at $650,000,its fair market value at the date of the father's death.The father had originally acquired the land in 1965 for $112,000 and prior to his death he had expended $20,000 on permanent improvements.Determine Taylor's holding period for the land.

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Definitions:

Chlorpromazine

An antipsychotic drug used to treat a variety of mental health conditions such as schizophrenia and manic phases of bipolar disorder.

Haloperidol

A medication used to treat schizophrenia, acute psychosis, and to control tics and vocal utterances of Tourette syndrome.

Neurotransmitter Dopamine

A chemical in the brain that plays a major role in reward-motivated behavior and pleasure.

Neuroleptic Drug

A class of medication primarily used to treat psychosis, including schizophrenia and bipolar disorder, also known as antipsychotic drugs.

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