Paul gave a gift (land) on January 1, 20x4, with an FMV of $80,000 to Shirely. Paul originally bought the land on January 1, 20x1 for $100,000. On January 1, 20x6, Shirley sold the land for $95,000. What is Shirley's holding period on the date of sale: 1. 2 years 2. 3 years 3. 5 years 4. The holding period is irrelevant because there is no gain or loss
Paul gave a gift (land) on January 1, 20x4, with an FMV of $80,000 to Shirely. Paul originally bought the land on January 1, 20x1 for $100,000. On January 1, 20x6, Shirley sold the land for $95,000. What is Shirley's holding period on the date of sale: 1. 2 years 2. 3 years 3. 5 years 4. The holding period is irrelevant because there is no gain or loss
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 37P
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Question
Paul gave a gift (land) on January 1, 20x4, with an FMV of $80,000 to Shirely. Paul originally bought the land on January 1, 20x1 for $100,000. On January 1, 20x6, Shirley sold the land for $95,000. What is Shirley's holding period on the date of sale:
1. 2 years
2. 3 years
3. 5 years
4. The holding period is irrelevant because there is no gain or loss
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