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Peter Sells Land Held as an Investment (Adjusted Basis of $125,000;fair

Question 26

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Peter sells land held as an investment (adjusted basis of $125,000;fair market value of $95,000)to his Aunt Martha for $95,000.Three years later,Aunt Martha sells the land for $130,000 to a partnership whose business is real estate development.
Peter sells land held as an investment (adjusted basis of $125,000;fair market value of $95,000)to his Aunt Martha for $95,000.Three years later,Aunt Martha sells the land for $130,000 to a partnership whose business is real estate development.

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