Bob sells a stock investment for $35,000 cash, and the purchaser assumes Bobs $32,500 debt on the

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Bob sells a stock investment for $35,000 cash, and the purchaser assumes Bob’s $32,500 debt on the investment. The basis of Bob’s stock investment is $55,000. What is the gain or loss realized on the sale?

a. $10,000 loss
b. $10,000 gain
c. $12,500 gain
d. $22,500 loss
e. $22,500 gain

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Related Book For  answer-question

Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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