Question 9 of 75. Stephanie sold land she purchased three months earlier for use in her business. Her cost (and adjusted basis) in the land is $85,000. She incurred $15,000 in expenses related to the sale. The buyer paid $90,000 cash and assumed Stephanie's $35,000 mortgage on the property. What is the amount of her gain, and where on Form 4797 will she report the sale? 12/26/20,90 Realizar Potential: H&R Block $25,000, Part 1 $25,000, Part II. $40,000, Part III. $40,000, Part IV 2