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What is Sarah holding period for the farmland

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Reference no: EM132660212

Problem - Sarah received a gift of farmland from her father. The land was worth $4,000,000 at the date of the gift, had been farmed by her father for 40 years, and had a tax basis for her father of $30,000. Sarah never farmed the land and sold it eight months after receiving it from her father for $4,200,000. What is Sarah's holding period for the farmland? What is the nature of the gain from its disposition?

Reference no: EM132660212

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