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Jim sells a parcel of land for $78,000 cash, and the buyer assumes Jim's ability of $11,020 on the land. Jim's basis is $66,100. What

Jim sells a parcel of land for $78,000 cash, and the buyer assumes Jim's ability of $11,020 on the land. Jim's basis is $66,100. What is the gain or loss on the sale? Multiple Choice

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