All tax calculations should be based on the 2020 Tax Rate Schedules. Figures should be rounded to the nearest dollar. Percentages should be rounded to the nearest whole percentage (e.g., 32% instead of 32.2%)

Amount realized. Skipper sold a sailboat with a basis of $55,000 to his first mate, Gilligan. At the time of the sale, Skipper owed Gilligan $8,000 in back wages. Gilligan paid Skipper $32,000 cash and also told Skipper he did not have to pay him the back wages in exchange for the boat. In addition, Gilligan assumed a $20,000 bank loan that Skipper had incurred to purchase the boat and which was secured by the boat as collateral. What is Skippers amount realized in this transaction?