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Problem 62: You have just sold a house at Surfside Beach that you have had listed for sale for $500,000. You sold it for the following: Cash $150,000..... Buyer assumed your debt on the house of $100,000 ..... Buyer also deeded you 10 acres and a cabin outside Asheville North Carolina that is valued at $300,000... and, you agreed to assume the debt on the cabin and land in the amount of $75,000. The selling expenses on the sale are $40,000. You purchased the Surfside Beach House in 1989 for \$75,000, and, you have made $50,000 in capital improvements on the property. You have never sustained a castalty loss - nor did you ever rent the beach house out to claim any depreciation. Please sbow you work in determining the following: SHOW YOUR WORK I!!!!!!!! Amount Realized: Adjusted Basis: Gain/Loss Realized: Gain / Loss Recognized: Problem 62: You have just sold a house at Surfside Beach that you have had listed for sale for $500,000. You sold it for the following: Cash $150,000..... Buyer assumed your debt on the house of $100,000 ..... Buyer also deeded you 10 acres and a cabin outside Asheville North Carolina that is valued at $300,000... and, you agreed to assume the debt on the cabin and land in the amount of $75,000. The selling expenses on the sale are $40,000. You purchased the Surfside Beach House in 1989 for \$75,000, and, you have made $50,000 in capital improvements on the property. You have never sustained a castalty loss - nor did you ever rent the beach house out to claim any depreciation. Please sbow you work in determining the following: SHOW YOUR WORK I!!!!!!!! Amount Realized: Adjusted Basis: Gain/Loss Realized: Gain / Loss Recognized