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Compute steves recognized gain on sale

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Question - Jeff gave his "wandering" nephew, Steve, ten acres of undeveloped land. Jeff's basis in the land was $35,000 and its fair market value at date of gift was $175,000. Two years after receiving the land, Steve sold it for $200,000. Compute Steve's recognized gain on sale.

a. $0

b. $25,000

c. $165,000

d. $200,000

Reference no: EM132534612

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