Morrison received a gift of income-producing property with an adjusted basis of $50,000 to the donor and a fair market value of $40,000 on the date of the gift (December 31,2016).The donor paid a gift tax of $1,000.Morrison sells the property on September 17,2017 for $45,000.What is the gain or loss on the property?

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The Answer of Morrison received a gift of income-producing property with an adjusted basis of $50,000 to the donor and a fair market value of $40,000 on the date of the gift (December 31,2016).The donor paid a gift tax of $1,000.Morrison sells the property on September 17,2017 for $45,000.What is the gain or loss on the property?

Morrison Received a Gift of Income-Producing Property with an Adjusted