Multiple Choice
Francisco sells a parcel of land for $100,000 cash and the buyer also assumes Francisco's liability of $10,000.The basis of his land is $70,000.What is the gain or loss realized on the sale?
A) $10,000 gain.
B) $20,000 gain.
C) $30,000 gain.
D) $40,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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