Business, 05.09.2019 02:30 gaelm735

Clare, a collector of modern art, owes liz $ 6,000 in legal fees. liz purchases one of clare's paintings for $ 6,000. clare then uses the $ 6,000 to pay the legal fees owed to liz. five years later when the painting has significantly increased in value, liz sells the painting for $ 10,000. what tax consequences to liz from the foregoing events

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Clare, a collector of modern art, owes liz $ 6,000 in legal fees. liz purchases one of clare's paint...

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