Jim sells a parcel of land for $75,000 cash and the buyer assumes Jims liability of $10,000
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Jim sells a parcel of land for $75,000 cash and the buyer assumes Jim’s liability of $10,000 on the land. Jim’s basis is $ 64,000. What is the gain or loss on the sale?
a. $1,000 loss.
b. $1,000gain.
c. $11,000 gain.
d. $21,000 gain.
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Related Book For
Fundamentals Of Taxation 2018
ISBN: 9781259713736
11th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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