Multiple Choice
A taxpayer purchased land in 2014 for $26,000 and sold it in 2016 for $31,000 cash.The buyer also assumed the remaining mortgage of $13,000.What is the amount recognized on the sale of the land?
A) $8,000 loss.
B) $5,000 gain.
C) $8,000 gain.
D) $18,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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