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Leroy sells a piece of real estate for $100,000 that he purchased several years ago for $40,000. The buyer also assumes a mortgage on the

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Leroy sells a piece of real estate for $100,000 that he purchased several years ago for $40,000. The buyer also assumes a mortgage on the land of $15,000. 30. a) What is Leroy's amount realized? b) What gain or loss if any does Leroy realize? c) What gain or loss if any does Leroy recognize

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