OK, thanks. However, I will be selling bare pasture land with no improvements, not a residence or rental house. Do the same rules apply to bare land as they do to property with a house on it?
And, I must say that I was a little distracted when I asked the original question because I meant to ask about determining the capital gains/losses and if FMV is used for the selling price or if the actual, discounted selling price is used for that. As you mentioned, I will have to let the buyer know that he is receiving a 'gift' that would be the difference between the FMV and the actual, discounted selling price. I will be reading the IRS Pub that you mention thoroughly. Thanks so much for your patience with my question; I think that I have it correct now -- Rmfrog1
