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Ally owns land with an adjusted basis of $610,000. Real estate taxes are $8,000 per calendar year and are payable on December 31. On April
Ally owns land with an adjusted basis of $610,000. Real estate taxes are $8,000 per calendar year and are payable on December 31. On April 2, 2017, Ally sells her land subject to the mortgage for $640,000 in cash, a note for $590,000, and property with a fair market value of $130,000. What is the amount realized? a. $1,360,000. b. $1,361972. c. $1,720,000. d. $1,722,219. e. None of the above.
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