[Solved] 1. Suppose the taxpayer received $35,000

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1. Suppose the taxpayer received $35,000 in cash, a ring worth $3,000 and the buyer assumed the sellers note. a. What is the amount realized?

1. Suppose the taxpayer received $35,000 in cash, a ring worth $3,000 and the buyer assumed the sellers note.

a. What is the amount realized?

b. What is the adjusted basis of the property?

c. What is the gain on the sale of the property?

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