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Multiple$-$Choice Questions

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le$-$Choice Questions

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le multiple$-$choice questions are available with Connect ${?}^{o.}$

$7-1$

$24.$ Yakov sells a parcel of land for $$75,000$cash, and the buyer assumes Yakov's liability of $$10,000$ on the land. Yakov's basis is $$64,000.$ What is the gain or loss on the sale?

a$.$ $$1,000$ loss.

b$.$ $$1,000$ gain.

c$.$ $$11,000$ gain.

d$.$ $$21,000$ gain.