Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super
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Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200. In addition, the buyer assumes the mortgage on the land of $12,000. What is Vijay’s amount received in this transaction?
a. $5,000
b. $7,800
c. $8,200
d. $19,800
e. $20,200
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Related Book For
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
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