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Problem - Buddy Morgan is a real estate agent for Coastal Estates, a residential real estate development. Because of his outstanding sales performance, Buddy is permitted to buy a lot for $300,000 that normally would sell for $500,000. Buddy is the only real estate agent for Coastal Estates who is permitted to do so.
Required -
a. Does Buddy have gross income from the transaction? Explain.
b. What is Buddy's adjusted basis for the land?
c. Write a letter to Buddy informing him of the tax consequences of his acquisition of the lot. His address is 100 Tower Road, San Diego, CA 92182.
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