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Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super Bowl with a

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Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200. In addition, the buyer assumes the mortgage on the land of $12,000. What is Vijay’s amount received in this transaction?

a. $5,000

b. $7,800

c. $8,200

d. $19,800

e. $20,200

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Income Tax Fundamentals 2023

Income Tax Fundamentals 2023

ISBN: 9780357719527

41st Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Details
Chapter # 4
Section: Multiple Choice Questions
Problem: 5
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Question Posted: February 28, 2023 05:27:34
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