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QUESTION
To encourage Pillar, Inc. to build a plant near its borders, the city of Haven, Iowa gifts 20 acres of land with a value of $150,000 and a basis of...
To encourage Pillar, Inc. to build a plant near its borders, the city of Haven, Iowa gifts 20 acres of land with a value of $150,000 and a basis of $30,000 to Pillar. In this case there is no gain or loss..but why? (since it is a gift?)
