Randall is given five acres of land in 2005. At the time of the gift, the land had a fair market value of $182,000, and its adjusted basis to the donor was $160,000. What is Randall's gain if he sells the land for $184,000?

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The Answer of Randall is given five acres of land in 2005. At the time of the gift, the land had a fair market value of $182,000, and its adjusted basis to the donor was $160,000. What is Randall's gain if he sells the land for $184,000?

Randall Is Given Five Acres of Land in 2005