During the current year, Don sells a tract of land for $600,000. The property was recived as a gift from Corina on March 10, 1995, when the propert had a $300,000 FMV. The taxable gift was $290,000 because the annual exclusion was $10,000 in 1995. Cornina purchased property on April 12, 1980, for $184,000. Ath the tim eof the gift, Corina paid a gift tax of $12,000. In order to sell the property, Don paid a sales commission of $20,00.
Amount realized $__________
Minus: Basis $__________
Realized Gain $__________
Jeff would have a realized gain of $__________ on the sale if the FMV of the gift property was $65,000 as of the date of the gift