Solved: Recognized gain or loss from the sale of the land, Accounting Basics

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Recognized gain or loss from the sale of the land

Task: Mel gives a parcel of land to his son, Scott. He had purchased the land in 1996 for $140,000 and its fair market value on the date of the gift is $125,000. No gift tax is paid. Scott subsequently sells the land for $131,000.

Q1. What is Scott's basis for the land?

Q2. What is Scott's realized and recognized gain or loss from the sale of the land?

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Accounting Basics: Recognized gain or loss from the sale of the land

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