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Zigmanuir [339]
3 years ago
7

Sarah received a gift of farmland from her father. The land was worth $4,000,000 at the date of the gift, had been farmed by her

father for 40 years, and had a tax basis for her father of $30,000. Sarah never farmed the land and sold it eight months after receiving it from her father for $4,200,000. What is Sarah’s holding period for the farmland? What is the nature of the gain from its disposition?

Business
1 answer:
xz_007 [3.2K]3 years ago
7 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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