Solved: Janice owns land with an adjusted basis of 305000 subject, Accounting Basics

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Janice owns land with an adjusted basis of 305000 subject

Problem

Janice owns land with an adjusted basis of $305,000, subject to a mortgage of $195,000. On April 1, 2007, Janice sells her land and the buyer assumes the mortgage. Janice receives $325,000 in cash and property with a FMV of $60,000.

What is the amount realized?

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Accounting Basics: Janice owns land with an adjusted basis of 305000 subject

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Accounting Basics: Janice owns land with an adjusted basis of 305000 subject

Reference No:- TGS02604831

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