Multiple Choice
A taxpayer purchased land in 2008 for $85,000 and sold it in 2016 for $75,000 cash.The buyer also assumed the mortgage of $5,000.What is the amount of gain/loss on the sale of the land?
A) $5,000 gain.
B) $15,000 gain.
C) $20,000 loss.
D) $5,000 loss.
Correct Answer:
Verified
Correct Answer:
Verified
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