Gain or loss

Kathleen received land as a gift from her uncle. At the time of the gift, the land had a FMV of $85,000 and an adjusted basis of $110,000 to Kathleen’s uncle.

One year later, Kathleen sold the land for $80,000. What was her realized gain or loss on this transaction?

This is a sample question

Need help with a similar assignment?

Place an order at Study Pirate

Attach all custom instructions.

Make Payment. (The total price is based on number of pages, academic level and deadline)

We’ll assign the paper to one of writers and send it back once complete.