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Joyce Receives Investment Property from Her Mother as a Gift

Question 28

Multiple Choice

Joyce receives investment property from her mother as a gift in 2016.Her mother paid $15,000 for the property in 2011,and it is valued at $18,000 on the date of the gift.Joyce sells the property eight months later for $16,000.Joyce's realized gain or loss is


A) $1,000 loss
B) $2,000 loss
C) $1,000 gain
D) $2,000 gain
E) $16,000 gain

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