Jim sells a parcel of land for $75,000 cash and the buyer assumes Jim’s liability of $10,000 on the land.  Jim’s basis is $ 64,000.  What is the gain or loss on the sale?

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 18MCQ: Pat sells land for $25,000 cash and a $75,000 5-year note. If her basis in the property is $30,000...
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Jim sells a parcel of land for $75,000 cash and the buyer assumes Jim’s liability of $10,000 on the land.  Jim’s basis is $ 64,000.  What is the gain or loss on the sale?

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