17. Charlie sold Whiteacre for $40,000 cash and the buyer assumed Charlies $19,000 mortgage on the property.
Question:
17. Charlie sold Whiteacre for $40,000 cash and the buyer assumed Charlie’s
$19,000 mortgage on the property. Charlie paid a realtor commission of
$2,000 on the sale. What is his realized gain or loss if Whiteacre has an adjusted basis of
a. $47,000?
b. $67,000?
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