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1. Francisco sells a parcel of land for $100,000 cash and the buyer also assumes Francisco's liability of $10,000. The basis of his land is

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1. Francisco sells a parcel of land for $100,000 cash and the buyer also assumes Francisco's liability of $10,000. The basis of his land is $70,000. What is the gain or loss realized on the sale? A) $10,000 gain. B) $20,000 gain. C) $30,000 gain. D) $40,000 gain

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