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24. Bayarmaa owns land with an adjusted basis of $610,000 subject to a mortgage of 5350,000. On April 1. Bayarmaa sells her and subject to the mortgage for $650,000 in cash, a note for 5600,000, and property with a fait market value of $120,000. What is the amount realized? a. $1,250,000 b. $1,370,000 c. 51,720,000 d. $1,820,000 25. Ivory Fast Delivery Company, an accrual basis taxpayer, frequently has claims for damages to property the company delivered. Often the claim is not filed until a month after the delivery. In the past, Ivory has paid approximately 80% of the claims. In 2021, claims for $80,000 were filed. The company refused to pay $20,000 of the claims (because they were not valid) and paid $50,000. The remaining $10,000 in claims were processed and paid in January 2022. In January 2022, claims for $8,000 were filed for deliveries made in 2021, and $6,000 was paid on these claims by March 15, 2022 Ivory has not elected to use the recurring item exception to economic performance. Under the all-events and economic performance tests, Ivory can accrue which of the following as an expense for 2021 a $68,000 b. $66.000. c. $60,000 d. $50,000 26. Imani, an accrual basis taxpayer, sold goods in December 2021 for $20,000. The customer was unable to pay cash. So the customer gave Imani a note for $20,000 that was payable in April 2022. The note bore interest at the Federal rate. The fair market value of the note at the end of 2021 was $18,000. Imani collected $20,500 from the customer in April 2022, $20,000 principal plus $500 interest. Under the accrual method, Imani must recognize gross income of: a. $20,500 in 2021. b. $18,000 in 2021 and $2,500 in 2022 c. $20,000 in 2021 and $500 in 2022. d. $20,500 in 2022. 27. On October 1, Paula exchanged an apartment building (adjusted basis of $375,000 and subject to a mortgage of $125,000) for another apartment building owned by Nick (fair market value of $550,000 and subject to a mortgage of $125,000). The property transfers were made subject to the mortgages. What amount of gain should Paula recognize? a. $0 b. $25,000 c. $125,000 d. $175,000 28. Alissa exchanges land with an adjusted basis of $22,000 and a fair market value of $30,000 for another parcel of land with a fair market value of $28,000 and $2,000 cash. What is Alissa's recognized gain or loss? a. So b. $2,000 c. $6,000 d. $8,000 matatav room was filed and the land