Business Law

Tanya Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on the East Coast. On […]

On February 24, 2015, Allison’s building, with an adjusted basis of $1.3 million (and used in her trade or business),

Anne sold her home for $290,000 in 2015. Selling expenses were $17,400. She purchased it in 2009 for $200,000. During

Kareem bought a rental house in March 2010 for $300,000, of which $50,000 is allocated to the land and $250,000

Your client, Jacob, turned 66 years old this year. Jacob has no heirs and has decided that he would like

Sally owns real property for which the annual property taxes are $8,000. She sells the property to Shelley on February

Ted and Marvin Brown purchased an apartment building in 2004 as equal tenants in common. After a hectic decade of

On August 31, 2014, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their

Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2015, at a price

Lloyd owns a beach house (four years) and a cabin in the mountains (six years). His adjusted basis is $300,000