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This year S sold her rental house. She received cash of $6,000 and a vacant lot worth $30,000. The buyer assumed the $36,000 mortgage loan
This year S sold her rental house. She received cash of $6,000 and a vacant lot worth $30,000. The buyer assumed the $36,000 mortgage loan outstanding against Ss property. S had purchased the house for $52,000 four years earlier and had deducted depreciation of $12,000. How much are Ss amount realized, her adjusted basis in the house sold, and her gain or loss realized in this transaction? If it is a loss, put your answer in parentheses.
Amount realized:
Adjusted basis:
Gain/Loss:
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