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N sold a summer cabin to Y for $30,000 in cash and a recreational vehicle (an RV). Y had an adjusted basis in the RV
N sold a summer cabin to Y for $30,000 in cash and a recreational vehicle (an RV). Y had an adjusted basis in the RV of $15,000 at the time of the sale, although its fair market value was $22,000. N had an adjusted basis in the cabin of $44,000. Assume there were no selling costs. What was Ns realized gain or (loss)? a. ($8,000) b. ($1,000) c. $8,000 d. $10,000
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