Vijay sells land and receives $5,000 cash, a motorcycle worth $2,000, two tickets to the Super Bowl

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Vijay sells land and receives $5,000 cash, a motorcycle worth $2,000, two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200, and 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 2017

ISBN: 9781305872738

35th Edition

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

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