Federal Tax Research 10th Edition by Steven Gill, Gerald Whittenburg, Roby Sawyers, Debra Sanders, William Raabe

تمرين 31

Nancy and Curtis had not spoken to each other since their mother's funeral in 2001. Nancy broke the family discord this year by selling Curtis a family heirloom, basis to her $14,000, for $1,700. What are the tax consequences of this transaction