Property Disp Assign:

1-3

Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios?

a. Rafael received $114,000 cash and a vehicle worth $13,200. Rafael also paid $7,450 in selling expenses. Amount realized?

b) Rafael received $88,500 cash and was relieved of a $47,750 mortgage on the asset he sold to Jamal. Rafael also paid a commission of $6,400 on the transaction. Amount realized?

c) Rafael received $28,250 cash, a parcel of land worth $69,500, and marketable securities of $18,200. Rafael also paid a commission of $9,650 on the transaction. Amount Realized?