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Question 1: Owns a parcel of land. The estimated fair market value of the land is $. paid $ for the land. Which of the following scenarios is an example of a non-arm's length transaction?
Option A. lists the property for sale with a real estate agent. The realtor has a client who is willing to pay $ for the land. accepts the offer.
Option B. lists the property for sale with a real estate agent. After nine months on the market, decides to sell the land to his friend for $.
Option C. lists the property for sale with a real estate agent. After two months on the market, a client of the realtor makes an offer of $.
Option D. lists the property for sale with a real estate agent. After two months on the market, decides to sell the land to his son for $.
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