Jessie purchased land as an investment on January 12, 2015 for $80,000. On January 31, 2020, Jessie sold the land for $33,000 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

$23,000 gain

Explanation:

In the given scenario the initial cost of purchase of the land by Jessie was $80,000

She finally sold the land for $33,000 cash and the purchaser also assumed a mortgage of $70,000.

That is a total sale price of 33,000 + 70,000 = $103,000

The gain on this transaction will be 103,000 - 80,000 = $23,000

Since part of the payment is in mortgage the gain is a long term capital gain for Jessie

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d) social security number

let me know if i am correct or not, so i can edit the answer.