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Explain how the historic Crane vs. Commissioner case affected how we determine the amount realized when real estate is sold.

How are selling expenses treated? Are they considered a trade or business expense deducted against income from operations?

Explain the difference between realized gain and recognized gain. On which one do taxpayers pay tax?

If a taxpayer transfers appreciated real estate to a former spouse as part of a divorce settlement, does such a taxpayer recognize gain? Explain citing the relevant Internal revenue Code section and its provisions.

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Financial Management, Finance

Category:- Financial Management
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