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Let's say Grandpa deeded a large tract of raw (grazing) land to Dad, and assume that whatever taxes that were due at the time (1940) were paid.

If Dad now sells the property, would he simply owe 20% LT Capital Gains on the proceeds, or is there some other tax he would owe?

Wouldn't whatever taxes he owes now be less than the inheritance taxes we would owe if he passed on before the land were sold?

(Assuming also that for watever reason he doesn't just put the land into the family trust)
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