ratherfarm
Level 2
12-25-2020
08:55 PM
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A farmer father gives his son a farm but withholds mineral rights. 5 years later the son sells the farm and must include mineral rights. The son buys the mineral rights from the father for $24000. Does the son send his father a 1099 other income? Does the father report on 4835 farm rental or on 4797?
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