Peyton sells an office building and the associated land on May 1, 2017. Under the terms of
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Peyton sells an office building and the associated land on May 1, 2017. Under the terms of the sales contract, Peyton is to receive $1,600,000 in cash. The purchaser is to assume Peyton's mortgage of $950,000 on the property.
To enable the purchaser to obtain adequate financing, Peyton is to pay the $9,000 in points charged by the lender. The broker's commission on the sale is $75,000. What is Peyton's amount realized?
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The amount realized from a sale or other disposition of property is t...View the full answer
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