You have just sold a house at Surfside Beach that you have had listed for sale for $500,000. You sold it for the following: Cash $150,000 ....Buyer assumed your debt on the house of $100,000 ... Buyer also deeded you 10 acres and a cabin outside Asheville North Carolina that is valued at $300,000 ..... and, you agreed to assume the debt on the cabin and land in the amount of $75,000. The selling expenses on the sale are 540,000 You purchased the Surfside Beach House in 1989 for $75,000; and, you have made $50,000 in capital improvements on the property. You have never sustained a casualty loss - nor did you ever rent the beach house out to claim any depreciation. Please show you work in determining the following: SHOW YOUR WORK Amount Realized: Adjusted Basis: Gain/Loss Realized: Gain/Loss Recognized