Andrew sold land to Becca,Andrew's daughter.The fair market value of the land was $300,000 (basis $250,000).Becca agreed to pay Andrew $300,000 over 8 years.Becca immediately sold the land to Olga for $300,000 cash.The gain of $50,000 must be recognized

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The Answer of Andrew sold land to Becca,Andrew's daughter.The fair market value of the land was $300,000 (basis $250,000).Becca agreed to pay Andrew $300,000 over 8 years.Becca immediately sold the land to Olga for $300,000 cash.The gain of $50,000 must be recognized

Andrew Sold Land to Becca,Andrew's Daughter