Randall is given five acres of land in 2005. At the time of the gift, the land had a fair market value of $182,000 and its adjusted basis to the donor was $160,000. What is Randall's gain if he sells the land for $184,000?
What will be an ideal response?
| Gain is $24,000 ($184,000 ? $160,000). General rule: Carryover donor's basis |
Business
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