Will and Sandra Emmet were divorced this year. As part of the property settlement, Sandra… 1 answer below »

Will and Sandra Emmet were divorced this year. As part of the property settlement, Sandra transferred marketable securities to Will. Her basis in the securities was $89,800, and their FMV was $168,000. Four months after the divorce, Will sold the securities for $175,250.

a. How much income does Will recognize on receipt of the securities from Sandra?

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b. How much gain does Will recognize on the sale of the securities?

c. Does Sandra recognize any gain on the transfer of the securities to Will?

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