6. (TCOs 3, 4, 5, & 7) Damien, not a dealer in real estate, sold real estate with a basis of $250,000 for $500,000 cash, a note for $250,000, and the buyer assumed Damien's mortgage on the property of $125,000. During the year, the purchaser paid Damien $30,000 principal and $72,000 interest on the note and paid $6,000 principal and $18,000 interest on the mortgage he assumed. The contract price for the above transaction is what amount? (Points : 5) $875,000 $750,000 $625,000 $500,000 None of the above Question 9. (TCO 6) Judy exchanges a rental house at the beach with an adjusted basis of $165,000 and a fair market value of $150,000 for a rental house at the mountains with a fair market value of $100,000 and cash of $50,000. What is the recognized gain or loss? (Points : 5) $0 $100,000 $50,000 ($15,000) None of the above Short Answer - Show all work PLEASE :) Question 4. (TCOs 1 & 5) Steve has a tentative general business credit of $85,000 for the current year. His net regular tax liability before the general business credit is $95,000, and his tentative minimum tax is $90,000. Compute Steve's allowable general business credit for the year. (Points : 20) Question 2.2. (TCOs 1, 3, & 10) In 2012, Walter had the following transactions: Salary $80,000 Capital loss from a stock investment ($4,000) Moving expense to change jobs ($10,000) Received repayment of $10,000 loan he made to his brother in 2007 (includes interest of $1,000) $11,000 Property taxes on personal residence $2,000 Based on the information given above, determine Walter's AGI. Be sure to show your work. (Points : 15)