Based on United States Federal taxes

QUESTION 15 Carrie's basis in land she bought in 2007 was $100,000. She sold it to Estelle for $120,000 in cash, and Estelle took over $18,000 in debt that was owed on the land to Citibank. That is, Estelle was going to pay back Carrie's debt to Citibank. True or False: Carrie's gain on the sale is $38,000. True False QUESTION 16 Bobby sells several of his "Section 1231" assets in 2021. He has a net Section 1231 loss on them of $8,200. True or False: On his 2021 return, he can only claim $3,000 of this loss. True O False