Yukon Co. acquired 75% percent of the voting common stock of Ontario Corp. on January 1, 2018. During the year, Yukon made sales of inventory to Ontario. The inventory cost Yukon $260,000 and was sold to Ontario for $390,000. Ontario held $60,000 of the goods in its inventory at the end of the year. The amount of intra-entity gross profit for which recognition is deferred, and should therefore be eliminated in the consolidation process at the end of 2018, is .

Brody and tanya recently sold some land they owned for $150,000. they received the land five years ago as a wedding gift from brody's aunt jeanette. she had already given them cash equal to the annual exclusion during that year. aunt jeanette purchased the land many years ago when the property was worth $20,000. at the time of the gift, the property was worth $100,000 and aunt jeanette paid $47,000 in gift tax. what is the long term capital gain on the sale of the property