Question - Brian Brewster sold property to a buyer who paid him $400,000 cash and assumed an existing mortgage of $120,000. The property had cost $300,000 and he had made improvements of $50,000. Depreciation of $100,000 has been claimed and selling expenses were $20,000. What is the amount of gain?
a. $100,000
b. $200,000
c. $250,000
d. $280,000
e. $330,000