A taxpayer land in 2008 for $85,000 and sold it in 2016 for $75,000 cash. The buyer

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A taxpayer land in 2008 for $85,000 and sold it in 2016 for $75,000 cash. The buyer also assumed the mortgage of$5,000. What is the amount of gain / loss on the sale of the land?
$ 5,000 loss.
$ 5,000 gain.
$15,000 gain.
$20,000 loss.

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South Western Federal Taxation 2017 Comprehensive

ISBN: 9781305874169

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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Question Posted: Mar 21, 2018 05:17 AM

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A taxpayer land in 2008 for $85,000 and sold it in 2016 for $75,000 cash. The buyer

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South Western Federal Taxation 2017 Comprehensive

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