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Charlie sold whiteacre for $40000 cash

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Question

Charlie sold whiteacre for $40000 cash and the buyer assumed Charlie's $19,000 mortgage on the property. Charlie paid a realtor commission of $2,000 on the sale. What is the realized gain or loss if Whiteacre has an adjusted basis of?;A. $47,000;B. $67,000

 

Paper#32788 | Written in 18-Jul-2015

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