Investment land from holly as a gift

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Reference no: EM13918926

On September 30 of last year, Rex received some investment land from Holly as a gift. Holly's adjusted basis was $50,000 and the land was valued at $40,000 at the time of the gift. Holly acquired the land five years ago. What is the amount and character of Rex's recognized gain (loss) if he sells the land on May 12 this year at the following prices?

A) $32,000

B) $70,000

C) $45,000

Reference no: EM13918926

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