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What impact will these transactions have

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Question - During 2020, Salina's grandfather died, and she inherited land worth $30,000. The grandfather had purchased the land 20 years earlier for $2,000. Later in 2020, she sold her land investment and received $29,000 ($30,000 selling price, less $1,000 selling expense for commission paid to her realtor). In addition, Salina was also the beneficiary of a $200,000 life insurance policy her grandfather bought before he retired (she received $200,000 cash from the life insurance company in 2020). What impact will these transactions have on her 2020 federal taxable income? Specify amount of increase (decrease), if any, and the character of the increase (decrease), if any.

Reference no: EM133096304

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