Anthony owns an apartment building that he purchased ten years ago for $349,000. His current adjusted basis is $227,000 and his outstanding mortgage is $248,000. Anthony sells the building for cash of $280,000 plus assumption of his mortgage. He pays commissions on the sale of $27000 title transfer fees of $500, and an attorney at closing $1100. 

What is Anthony's recognized gain?

Answer rating: 100% (QA)

To calculate Anthonys recognized gain from the sale of the apartment building you need ... View the full answer