Bobby, a single man, owned a building with a fair market value of $2,000,000. Bobby's adjusted basis in the building was $1,000,000. This year, Bobby agreed to sell the building to his adult sone, Robby for $1,300,000. What is the amount of Bobby's taxable gift?
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Home » Business » Bobby, a single man, owned a building with a fair market value of $2,000,000. Bobby's adjusted basis in the building was $1,000,000. This year, Bobby agreed to sell the building to his adult sone, Robby for $1,300,000.