for each of the following capital asset dispositions determine whether the taxpayer has realized a gain or loss and w

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a. Larry’s aunt June dies on May 4, 2016. He inherits some land that she purchased in 1997 for $2,000. On May 4, 2016, the land is worth $40,000. Larry receives title to the land on October 15, 2016, and sells it on November 27, 2016, for $40,000. He pays $3,000 in commissions and other selling expenses.

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