Tax question hw?
There is a farmer that bought a ranch in the past for 200k. Now he just got an offer from somebody else that wants to just buy the water rights to the property, the farmer will be able to hold title to the property but not the water rights. The offer to buy the water rights is 400k.
Would that be a gain on the sale?
or how wil you calculate the tax impact? he is also on the 35% income tax bracket.
yes
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