Yakov sells a parcel of land for $75,000 cash and the buyer assumes Yakovsliability of $10,000 on
Question:
Yakov sells a parcel of land for $75,000 cash and the buyer assumes Yakov’sliability of $10,000 on the land. Yakov’s basis is $64,000. What is the gain or loss on the sale?
a. $1,000 loss.
b. $1,000 gain.
c. $11,000 gain.
d. $21,000 gain.
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Related Book For
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
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