3. Bob sells a stock investment for $45,000 cash, and the purchaser assumes Bobs $32,500 debt on...
Question:
3. Bob sells a stock investment for $45,000 cash, and the purchaser assumes Bob’s
$32,500 debt on the investment. The basis of Bob’s stock investment is $55,000.
What is the gain or loss realized on the sale?
a. $10,000 loss
b. $10,000 gain
c. $12,500 gain
d. $22,500 loss
e. $22,500 gain LO 8.3
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Related Book For 
Income Tax Fundamentals 2011
ISBN: 9780538469197
29th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller
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