Brian Brewster sold property to a buyer who paid him $400,000 cash and assumed an existing mortgage
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Question:
Brian Brewster sold property to a buyer who paid him $400,000 cash and assumed an existing mortgage of $150,000. The property had cost $250,000 and he had made improvements of $50,000. Depreciation of $100,000 has been claimed and selling expenses were $20,000. What is the amount of gain?
a. $100,000
b. $200,000
c. $250,000
d. $280,000
e. $330,000
Related Book For
Principles of Risk Management and Insurance
ISBN: 978-0132992916
12th edition
Authors: George E. Rejda, Michael McNamara
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