Shontelle received a gift of income-producing property with an adjusted basis of $49,000 to the donor and fair market value of $35,000 on the date of gift. no gift tax was paid by the donor. shontelle subsequently sold the property for $31,000. what is the recognized gain or loss?

The recognized gain or loss is -$4000.

Explanation:

Gift property value = $49000

fair market value = $35000

realized loss = sale price - fair market value

                     = $31000 - $35000

                     = -$4000

Therefore, The recognized gain or loss is -$4000.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer(d) the growth of consumption is likely to remain sluggish even as the economy begins to recover.;