Aaron’s grandfather, Steven, died on 8/1/2021. Steve owned rental property in Phoenix which he purchased on 9/1/2008 for

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answerhappygod
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Aaron’s grandfather, Steven, died on 8/1/2021. Steve owned rental property in Phoenix which he purchased on 9/1/2008 for

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Aaron’s grandfather, Steven, died on 8/1/2021. Steve owned
rental property in Phoenix which he purchased on 9/1/2008 for
$545,000. The accumulated depreciation on the building was
$145,000. The FMV on 8/1/2021 was $450,000. Steven left the
property in his will to Aaron. Aaron sold the property for $640,000
on 12/1/2021. Aaron recognizes a LTCG of $190,000 Select one: True
False
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