Multiple Choice
O&V sold an asset with a $78,300 adjusted tax basis for $100,000.The purchaser paid $30,000 in cash and assumed O&V's $70,000 mortgage on the asset.Compute O&V's net cash flow from the sale assuming a 21% tax rate.
A) $25,443
B) $17,143
C) $23,700
D) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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