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QUESTION
Betty owns land with an adjusted basis of $305,000 subject to a mortgage of $195,000. On April 1, 2007, Betty sells her land and the buyer assumes...
Betty owns land with an adjusted basis of $305,000 subject to a mortgage of $195,000. On April 1, 2007, Betty sells her land and the buyer assumes the mortgage. Betty receives $325,000 in cash and property with a FMV of $60,000. What is the amount realized?
