"Quality educational courses since 1991"

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Test Your Tax Knowledge:
 

PART 1
Individuals

2. Jerry received two acres of land valued at $10,000 as a gift. The donor's adjusted basis was $12,000. Jerry subsequently sold the land for $20,000. For purposes of computing his gain, what is Jerry's basis in the land?

Select your answer:

A. $12,000
B. $10,000
C. $ 8,000
D. $ 2,000

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