Reference no: EM132616382
During the current? year, Stan sells a tract of land for $800,000. The property was received as a gift from Maxine on March? 10, 1995, when the property had a $310,000 FMV. The taxable gift was $300,000 because the annual exclusion was $10,000 in 1995. Maxine purchased the property on April? 12, 1980, for $110,000. At the time of the? gift, Maxine paid a gift tax of $12,000. In order to sell the? property, Stan paid a sales commission of $16,000.
Requirement
Problem 1: What is Stan?'s realized gain on the? sale?
Problem 2: Should the first drop down box be fair market value, basis, amount realized, gift tax paid, or taxable gift?
Problem 3: Then what should be Minus in the second drop down box fair market value, basis, amount realized, gift tax paid, or taxable gift?
Problem 4: Then, what is the Realized gain amount???
Problem 5: How would your answer to Part a? change, if at? all, if the FMV of the gift property was $85,000 as of the date of the? gift?
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