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During the Current Year, Eleanor Receives Land Valued at $30,000

Question 45

Multiple Choice

During the current year, Eleanor receives land valued at $30,000 from the estate of her grandfather. Her grandfather's basis in the land was $8,000. Eleanor sells the land for $34,000 late in the year. Eleanor's gross income is:


A) $- 0 -
B) $4,000
C) $8,000
D) $16,000
E) $26,000

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