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Irving sold Blackacre (investment real estate) fo...

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Irving sold Blackacre (investment real estate) for $50,000 cash and the buyer assumed Irving?s $17,000 mortgage on the property. Irving paid a realtor commission of $2,000 on the sale. What is Irvings recognized gain or loss on the sale if Blackacre has an adjusted basis of $63,000?

 

Paper#9494 | Written in 18-Jul-2015

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