Barbara sold land she purchase 3 months earlier for use in her business. her cost and...

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Barbara sold land she purchase 3 months earlier for use in her business. her cost and adjusted basis in the land prior to the sale were $80,000. she also incurred $10,000 in expenses related to the sale. The buyer paid $80,000 cash and assumed barbara's $20,000 mortgage on the property What is the amount of barbara's gain, and where on form 4797 will she report the sale? Barbara sold land she purchase 3 months earlier for use in her business. her cost and adjusted basis in the land prior to the sale were $80,000. she also incurred $10,000 in expenses related to the sale. The buyer paid $80,000 cash and assumed barbara's $20,000 mortgage on the property What is the amount of barbara's gain, and where on form 4797 will she report the sale?

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Gain Sale Price Adjusted Basis Expenses Relat... View the full answer