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Angelina gave a parcel of realty to Julie valued at $210,000 (Angelina purchased the property...

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Accounting

Angelina gave a parcel of realty to Julie valued at $210,000 (Angelina purchased the property five years ago for $88,000).

a. Compute the amount of the taxable gift on the transfer, if any.

b. Suppose several years later Julie sold the property for $215,000. What is the amount of her gain or loss, if any, on the sale?

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