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Peter inherited a mountain cottage from her grandmother

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Peter inherited a mountain cottage from her grandmother. The cottage was worth $66K at the time & had a basis to the grandmother of $44K. Estate taxes of $13,200 were paid. After one summer, it was clear Peter would be unable to use the cottage enough to justify keeping it, and he sold it for $60k. How much is Peter's gain or loss on this sale?

Reference no: EM131782382

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