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What is yusefs recognized gain or loss upon the subsequent

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Hamid sold land with an adjusted basis of $60,000 to his nephew, Yusef, for its fair market value of $50,000. Yusef later sells the land to an unrelated party for $55,000. What is Hamid's recognized loss upon his sale to Yusef? What is Yusef's recognized gain or loss upon the subsequent sale?

Reference no: EM132381830

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