LO.1 If a taxpayer sells property for cash, the amount realized consists of the net proceeds from the sale. For each of the following, indicate the effect on the amount realized:

a. The property is sold on credit.

b. A mortgage on the property is assumed by the buyer.

c. A mortgage on the property is assumed by the seller.

d. The buyer acquires the property subject to a mortgage of the seller.

e. Stock that has a basis to the purchaser of $6,000 and a fair market value of $10,000 is received by the seller as part of the consideration.