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) $30,000 gain.
C) $20,000 gain.
D) $40,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q68: To figure the gain or loss from
Q70: Which one of the following is a
Q71: Oliver purchased the following stock of Doggie
Q72: Lourdes,a sole proprietor,collected $8,650 on November 21,2016
Q73: A taxpayer purchased land in 2014 for
Q74: Diane gifted 100 shares of Runners Link
Q76: The gain or loss on land sold
Q77: In 2010,Niveen purchased land for $88,000 for
Q78: In 2011,Terri purchased 260 shares of Flowers
Q106: A computer used exclusively in a sole