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Compute the amount of the taxable gift on the transfer

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Reference no: EM132928954

Angelina gave a parcel of realty to Julie valued at $133,750 (Angelina purchased the property five years ago for $57,500).

Problem 1: Compute the amount of the taxable gift on the transfer, if any.

Problem 2: Suppose several years later Julie sold the property for $139,350. What is the amount of her gain or loss, if any, on the sale?

Reference no: EM132928954

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