Rico sells a parcel of investment real estate and received ($120,000) cash and stock with a fair
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Rico sells a parcel of investment real estate and received \($120,000\) cash and stock with a fair market value of \($100,000\) and basis of \($60,000.\) Additionally, his \($50,000\) mortgage on the property is assumed by the buyer. Rico paid an attorney \($1,000\) to execute the sale. The week before the sale he paid \($75\) to have a fence repaired on the property. His basis in the parcel of investment real estate is \($200,000.\) What is Rico’s amount realized from selling the property?
a. $219,000
b. $268,925
c. $269,000
d. $270,000
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Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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