Multiple Choice
In 2012, Leon Longrove sold a piece of business equipment that had an adjusted basis to him of $50,000 for $75,000 cash plus artwork that had a fair market value of $25,000. fte buyer assumed Leon's $20,000 loan on the equipment. Leon paid $5,000 in selling expenses. What is the amount of Leon's gain on the sale?
A) $25,000
B) $45,000
C) $65,000
D) $75,000
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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