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What effect do these transactions have

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Question - An individual owned a building with a fair market value of $300,000 and an original cost of $225,000. They sold the building to their sibling for $280,000. The same year, the individual sold another building with a FMV of $400,000 and an original cost of $350,000 to their spouse for $380,000. What effect do these transactions have on the individual's taxable income for the year?

A. $27,500

B. $37,500

C. $62,500

D. $52,500

E. none of the above

Reference no: EM133051796

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