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Mel Gives a Parcel of Land to His Son,Scott

Question 34

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Mel gives a parcel of land to his son,Scott.He had purchased the land in 1997 for $140,000 and its fair market value on the date of the gift is $125,000.No gift tax is paid.Scott subsequently sells the land for $131,000.
Mel gives a parcel of land to his son,Scott.He had purchased the land in 1997 for $140,000 and its fair market value on the date of the gift is $125,000.No gift tax is paid.Scott subsequently sells the land for $131,000.

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