Determine the amount realized in each of the following property dispositions:
a. Herbert sells some land he owns to Elroy in exchange for $23,000 in cash and 2 breeding hogs worth $1,500 each (adjusted basis of $500 each). In closing the sale, Herbert incurs legal fees of $600, title search costs of $250, and document filing fees of $50.
b. Saada Corporation sells a building it owned to Paris, who finances the purchase by obtaining a $200,000 loan and paying an additional $20,000 in cash. As part of the sales agreement, Saada agrees to pay the $4,000 in points that Paris had to pay to obtain the loan. The corporation incurs commission costs of $12,000 and $5,000 in legal fees in making the sale.
c. Andrew and Sandra agree to exchange land that each owns. Andrew's land is worth $46,000, and Sandra's land is worth $51,000. Therefore, in the exchange of the land, Andrew has to pay Sandra $5,000.
d. Artworld, Inc., sells its building to Paula for $22,000 in cash. As part of the sales agreement, Paula agrees to assume Artworld's $90,000 mortgage on the property.