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24. Larry gave Michelle a piece of property that had a FMV-$500 and an A/B – $1,000.00 on the date of the gift in 2021. One year later, Michelle sold the property for $300.00. What is Michelle’s realized gain or loss on the sale? Scott is single and owned a piece of property. He bought it in 2018 for $300,000.00 and sold it in 2021 for $675,000.00. What is Scott’s realized gain? 25. 26. . Bluff purchased property for business use for $35,000,00 and made $1,000.00 of capital improvements to the equipment. What is Bluff’s basis in the property? 27. Mr. Pine purchased a small office building. Included in his costs were the following: Cash down payment S50,000.00 Mortgage on property assumed $300,000.00 Title insurance $2,000.00 What is Mr. Pine’s basis in the property Questions 28 through 30 pertain to the following facts. Leonard and Linda Lindsay sold for $350,000 in October 2019 their residence that they purchased in 2009 for $100,000. They made major capital improvements during their 10- year ownership totaling $30,000 28. What is their excluded gain? How much must they recognize? 29. Suppose that the Lindsays sold their home for $700,000. They moved into a smaller home costing $200,000. What is their excluded gain? How much must they recognize? 30. Assume instead that the Lindsays resided in a very depressed neighborhood and the home was sold for only $80,000. How much gain or loss is recognized?


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