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4. George sells unimproved real property for $60,0...

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4. George sells unimproved real property for $60,000. He is to receive $10,000 in the year of sale and the remainder is to be paid over five (5) years plus interest. Selling expenses are $4,000. George has a basis of $8,000. a. a. Calculate the amount of gain to be reported in the year of sale? b. b. Calculate the gain if the property is encumbered by a mortgage of $6,000? c. c. Suppose the property was encumbered by a mortgage of $17,000?

 

Paper#8049 | Written in 18-Jul-2015

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