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What is her recognized gain or loss

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Reference no: EM133198207

Margo receives a gift of real estate with an adjusted basis of $175,000 and a fair market value of $100,000. The donor paid gift tax of $15,000 on the transfer.

If an amount is zero, enter "0".

If Margo later sells the property for $110,000, what is her recognized gain or loss?

Margo's basis for a gain is what $?

And her basis for a loss is what $? If Margo later sells the property for $110,000, her recognized gain or loss is what $?

Reference no: EM133198207

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