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A taxpayer purchased land in 2018 for $26,000 and sold it in 2020 for $31,000 cash. The buyer also assumed the remaining mortgage of $13,000.

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A taxpayer purchased land in 2018 for $26,000 and sold it in 2020 for $31,000 cash. The buyer also assumed the remaining mortgage of $13,000. What is the amount recognized on the sale of the land? Multiple Choice $5.000 gain 58.000 gain $18.000 gain 53.000 loss

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