What is her recognized gain or loss
Margo receives a gift of real estate with an adjusted basis of 175000.00 and a fair market value of 100000.00. The donor paid gift tax of 15000.00 on the transfer. If Margo later sells the property for 110000.00, what is her recognized gain or loss?
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Margo receives a gift of real estate with an adjusted basis of 175000.00 and a fair market value of 100000.00. The donor paid gift tax of 15000.00 on the transfer.
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