Niren, inc.'s charter authorizes 1,000,000 shares of stock at a par value of $1 per share. niren sells 100 shares of stock at its initial offering for $1 per share. the journal entry to record this transaction will include a (debit/ to common stock, $1 par for $ .

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