During the current year, Ron sells a tract of land for $700,000. The property was received as a gift from Lillian on March 10, 1995, when the property had a $210,000 FMV. The taxable gift was $200,000 because the annual exclusion was $10,000 in 1995. Lillian purchased the property on April 12, 1980, for $70,000. At the time of the gift, Lillian paid a gift tax of $14,000. In order to sell the property, Ron paid a sales commission of $11,000.Required:a. what is Ron’s realized gain on the sale. (Show all calculations) b. How would your answer to Part a. change, if at all, if the FMV of the gift property was $45,000 as of the date of the gift?
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During the current year, Ron sells a tract of land for $700,000. The property was received as a gift from Lillian on March 10, 1995, when the property had a $210,000 FMV. The taxable gift was $200,000 because the annual exclusion was $10,000 in 1995. Lillian purchased the property on April 12, 1980, for $70,000. At the time of the gift, Lillian paid a gift tax of $14,000. In order to sell the property, Ron paid a sales commission of $11,000.Required:a. what is Ron’s realized gain on the sale. (Show all calculations) b. How would your answer to Part a. change, if at all, if the FMV of the gift property was $45,000 as of the date of the gift?
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