Exam 7: Basis, Gain and Loss, and Nontaxable Exchanges

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If the fair market value of the property on the date of death is greater than on the alternate valuation date, the use of the alternate valuation amount is mandatory.

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Mary sells her personal use automobile for $20,000.She purchased the car two years ago for $17,000.What is Mary's recognized gain or loss? It increased in value due to its excellent mileage, yet safe design.

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Discuss the treatment of losses from involuntary conversions.

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