Federal Income Tax

1. If a taxpayer sells property for cash, the amount realized consists of the net proceeds from the sale. For each of the following indicate the effect on the amount realized: a) the property sold on credit; b) a mortgage of the property being assumed by the buyer; c) a mortgage of the property being assumed by the seller; d) the buyer acquiring the property subject to a mortgage of the seller; e) as a part of the consideration, the seller receives stock that has a basis for the buyer of $10,000 while fair value $6,000.