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  1. ...on sale, the basis would be $100k. What Crane really said was that the net ... jives with the example in Commissioner v Tufts et al, 81-1356 so I think...

    1 Answers · Business & Finance · 02/05/2007

  2. There is no gift. The father sold the property to the son for $200k, the amount of the mortgage assumed by the son. If the father's adjusted basis is $100k he has a taxable gain of $100k, the difference between the sales price and his...

    2 Answers · Business & Finance · 07/11/2007

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