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Russell Corporation sold a parcel of land valued at $517,500. Its basis in the land was $382,950. For the land, Russell received $72,750 in cash

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Russell Corporation sold a parcel of land valued at $517,500. Its basis in the land was $382,950. For the land, Russell received $72,750 in cash in year and a note providing that Russell will receive $265,000 in year 1 and $179,750 in year 2 from the buyer. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Problem 11-63 Part-a (Algo) a. What is Russell's realized gain on the transaction? Realized gain

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