Question: Nat is a salesman for a real estate developer. His employer permits him to purchase a lot for $75,000. The employers adjusted basis for the

Nat is a salesman for a real estate developer. His employer permits him to purchase a lot for $75,000. The employers adjusted basis for the lot is $45,000, and its normal selling price is $90,000. What is Nats recognized gain and his basis for the lot?

Recognized Gain

Basis

$0 $ 75,000

$0 $ 90,000

$15,000 $ 75,000

$15,000 $ 90,000

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