Reference no: EM132659833
Problem - Louis owns three pieces of land with an adjusted basis as follows: parcel A, $75,000; parcel B, $125,000; and parcel C, $175,000. Louis sells parcel A to his uncle for $50,000, parcel B to his partner for $120,000, and parcel C to his mother for $150,000.
Required -
a. What is the recognized gain or loss from the sale of each parcel?
b. If Louis's uncle eventually sells his land for $90,000, what is his recognized gain or loss?
c. If Louis's partner eventually sells his land for $130,000, what is his recognized gain or loss?
d. If Louis's mother eventually sells her land for $165,000, what is her recognized gain or loss?
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