Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale? $3,000 gain $10,000 gain $17,000 loss $17,000 gain Which one of the following is a capital asset? Household furnishings Business inventory A non-musical copyright created by the taxpayer Rental property