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Jeanette sold land she purchased three months earlier for use in her business. Her cost (and adjusted basis) in the land is $65,000. She incurred
Jeanette sold land she purchased three months earlier for use in her business. Her cost (and adjusted basis) in the land is $65,000. She incurred $6,000 in expenses related to the sale. The buyer paid $71,000 cash and assumed Jeanette's $20,000 mortgage on the property. What is the amount of her gain, and where on Form 4797 will she report the sale?
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