What is the deferred gain from the sale of land, Accounting Basics

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What is the deferred gain from the sale of land

Question: Wilson's land with a fair market value of $50,000 and a basis of $30,000 has a mortgage of $12,000 against it. Garfield will assume Wilson's mortgage of $12,000 and give him land with a fair market value of $38,000. What is the deferred gain from the sale of land with a fair market value of $50,000?

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Accounting Basics: What is the deferred gain from the sale of land

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