.Philip West sold his vacation cabin for $4,500 cash and a vacant lot. The cabin was subject to a liability of $30,000 and had an adjusted basis to Philip of $32,000. The lot was worth $10,000 and was subject to debt of $6,000. How much is Philips gain or loss realized?

Multiple Choice

• $4,500

• $4,000

• $2,500

• $6,500