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borishaifa [10]
3 years ago
12

Shontelle received a gift of income-producing property with an adjusted basis of $49,000 to the donor and fair market value of $

35,000 on the date of gift. No gift tax was paid by the donor. Shontelle subsequently sold the property for $31,000. What is the recognized gain or loss?
Business
1 answer:
Ugo [173]3 years ago
4 0

Answer:

The recognized gain or loss is -$4000.

Explanation:

Gift property value = $49000

fair market value = $35000

realized loss = sale price - fair market value

                     = $31000 - $35000

                     = -$4000

Therefore, The recognized gain or loss is -$4000.

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