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    #1

    Basis

    TP got farm land from parents 17 years ago. The deed states that it was sold for $1. Now TP is selling land and wants to know basis. My first reaction is $1 - but, because of the unrealistic sale price, can it be viewed as a gift for basis purposes?

    Cathe
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    #2
    Such a transfer would certainly be treated as a gift.

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      #3
      Bless your little taxy soul.

      Cathe

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