Determine the tax consequences of the sale

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Reference no: EM13991974

Jeremiah owns farm land that he paid $20,000 for in 1998. In 2009, he planted a win- ter wheat crop on the land, incurring $35,000 of expenses. Jeremiah deducted the $20,000 of planting expenses that he paid in 2009. He pays the remaining $15,000 of expenses in 2010. Jeremiah sells the land together with the unharvested wheat crop for $110,000 in 2010. Determine the tax consequences of the sale of the land.

Reference no: EM13991974

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