1. Boot received is excess of fair market value is an exchange of property can be:

   	A.	Cash
   	B.	Non-similar personalty
   	C.	Non-similar realty
   	D.	All of the above
   	E.	A and B only

If a non-business property is sold for $460,000 cash and has an adjusted basis of $480,000 which is the taxable result?

	A.	none of these
	B.	Loss of $20,000
	C.	Zero
	D.	Gain of $20,000

1. What is the realized amount to the seller for the following facts:

   1) cash given at closing equals $1,600,000

   2) mortgage assumed by purchaser

   3) broker's commission of 3% of selling price

   4) points paid by the seller of $9,000

   	A.	$1,600,000
   	B.	$2,464,500
   	C.	$2,550,000
   	D.	$2,541,000