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A taxpayer purchased land in 2007 for $85,000 and sold it in 2016 for $75,000 cash. The buyer also assumed the mortgage of $5,000. What
A taxpayer purchased land in 2007 for $85,000 and sold it in 2016 for $75,000 cash. The buyer also assumed the mortgage of $5,000. What is the amount of gain/loss on the sale of the land?
1$5,000 loss.
2$5,000 gain.
3$15,000 gain.
4$20,000 loss.
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