Mr Beck Sold Real Property with a $140,000 Adjusted Basis

Multiple Choice

Mr. Beck sold real property with a $140,000 adjusted basis for $255,000. The buyer paid $148,000 cash and assumed Mr. Beck's $107,000 mortgage on the realty. Mr. Beck's realized gain or loss on sale is:

A) $115,000 gain
B) $8,000 gain
C) $33,000 loss
D) $0 gain or loss