Multiple Choice
N sold a summer cabin to Y for $30,000 in cash and a recreational vehicle.Y had an adjusted basis in the RV of $15,000 at the time of the sale, although its fair market value was $22,000.N had an adjusted basis in the cabin of $44,000.Assume there were no selling costs.What was N's realized gain or (loss) ?
A) ($8,000)
B) ($1,000)
C) $8,000
D) $10,000
Correct Answer:

Verified
Correct Answer:
Verified
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