Alton sells land with an adjusted basis of $150,000 and a fair market value of $140,000 to his mother,Shirley,for $140,000.Alton reinvests the proceeds in the stock market.Shirley holds the land for one year and a day and sells it in the marketplace for $148,000.

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The Answer of Alton sells land with an adjusted basis of $150,000 and a fair market value of $140,000 to his mother,Shirley,for $140,000.Alton reinvests the proceeds in the stock market.Shirley holds the land for one year and a day and sells it in the marketplace for $148,000.

Alton Sells Land with an Adjusted Basis of $150,000 and a Fair