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Compute the amount of the taxable gift on the transfer

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Reference no: EM133123534

Question - Angelina gave a parcel of realty to Julie valued at $145,000 (Angelina purchased the property five years ago for $62,000).

Required -

a. Compute the amount of the taxable gift on the transfer, if any.

b. Suppose several years later Julie sold the property for $150,900. What is the amount of her gain or loss, if any, on the sale?

Reference no: EM133123534

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