Yakov sells a parcel of land for $75,000 cash and the buyer assumes Yakovsliability of $10,000 on

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Yakov sells a parcel of land for $75,000 cash and the buyer assumes Yakov’sliability of $10,000 on the land. Yakov’s basis is $64,000. What is the gain or loss on the sale?

a. $1,000 loss.

b. $1,000 gain.

c. $11,000 gain.

d. $21,000 gain.

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Fundamentals Of Taxation 2022

ISBN: 9781264209408

15th

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander

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Question Posted: Apr 19, 2023 04:46 AM

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Yakov sells a parcel of land for $75,000 cash and the buyer assumes Yakovsliability of $10,000 on

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Fundamentals Of Taxation 2022

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