Question
This year, Ms. Feng sold investment land for $125,000 cash plus the purchaser's assumption of a $50,000 mortgage on the land. Ms. Feng's tax basis
This year, Ms. Feng sold investment land for $125,000 cash plus the purchaser's assumption of a $50,000 mortgage on the land. Ms. Feng's tax basis in the land was $93,000. If any recognized gain is taxed at 15 percent, compute the after-tax cash flow from the sale.
$162,700
$112,700
- $69,700
$62,300
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Forensic And Investigative Accounting
Authors: D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith
7th Edition
0808040731, 9780808040736
