Business, 21.04.2020 18:55 130005401

Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $105,000 and an adjusted basis of $85,000 to Kathleen's grandfather. The grandfather did not have any gift taxes due. One year later, Kathleen sold the land for $110,000. What was her gain or (loss) on this transaction?

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Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV o...