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4. Suppose the taxpayer received $35,000 in cash, a ring worth $3,000 and the buyer assumed the seller's note. a) What is the amount realized?

4. Suppose the taxpayer received $35,000 in cash, a ring worth $3,000 and the buyer assumed the seller's note. a) What is the amount realized? b) What is the adjusted basis of the property? c) What is...

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