property with a fair market value of $120,000. What is the amount realized? a.) $1,370,000 b.) $1,720,000 c.) $1,820,000
property with a fair market value of $120,000. What is the amount realized? a.) $1,370,000 b.) $1,720,000 c.) $1,820,000
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 36P
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Question
Judy owns land with an adjusted basis of $610,000 subject to a mortgage of $350,000. On March 15, Judy sells her land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000. What is the amount realized?
a.) $1,370,000
b.) $1,720,000
c.) $1,820,000
d.) $1,250,000
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ISBN:
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Author:
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Publisher:
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