Brenda sold investment land for $225,000 in June. Her basis in the land was $75,000. The purchaser
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Brenda sold investment land for $225,000 in June. Her basis in the land was $75,000. The purchaser paid Brenda $65,000 cash and gave her his 5-year, interest-bearing note for the $160,000 remaining contract price. In December, Brenda received a $20,000 principle payment on the note. Brenda's recognized gain this year is:
a). $56,667
b). $65,000
c). $150,000
d). $85,000rn
Related Book For
Taxation for Decision Makers 2014
ISBN: 9781118654545
6th edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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