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Business, 02.03.2020 22:38 hehefjf3854

Sol purchased land as an investment on January 12, 2011 for $85,000. On January 31, 2017, Sol sold the land for $30,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount of the realized gain or loss on the sale? a. $15,000 gain b. $65,000 loss c. $90,000 gaind. $5,000 gain e. None of these choices are correct.

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Sol purchased land as an investment on January 12, 2011 for $85,000. On January 31, 2017, Sol sold t...
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