Multiple Choice
Joe received a parcel of land as a gift from his sister,Lisa,in 2011.At the time of the gift,the land had a FMV of $20,000.Lisa purchased the land in 2007 for $23,000.If Joe sells the land in 2016 for $32,450,he will report a
A) $9,450 ordinary gain.
B) $19,540 capital gain.
C) $12,450 capital gain.
D) $9,450 capital gain.
Correct Answer:
Verified
Correct Answer:
Verified
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