Allen owned land that had an adjusted basis to Allen of $610,000. There was a mortgage on
Fantastic news! We've Found the answer you've been seeking!
Question:
Allen owned land that had an adjusted basis to Allen of $610,000. There was a mortgage on the property in the amount of $350,000 for which Allen was personally liable. On April 1, 2019, Allen sold the land for $650,000 in cash, and the buyer assumed the mortgage. The buyer also transferred to Allen the title to the buyer’s boat. The fair market value of the boat was $720,000. How much is Allen’s amount realized?
a. $610,000
b. $960,000
c. $1,370,000
d. $1,720,000
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: