6. A taxpayer sells a vacation home in 2019 for $150,000 that has an adjusted basis $115,000. The purchaser pays cash of $30,000, assumes the existing mortgage of $110,000, and signs an installment note for the remaining $10,000 plus interest. What is the amount of the total contract price? O a. $30,000 o b. $40,000 oc. $115,000 o d. $150,000
6. A taxpayer sells a vacation home in 2019 for $150,000 that has an adjusted basis $115,000. The purchaser pays cash of $30,000, assumes the existing mortgage of $110,000, and signs an installment note for the remaining $10,000 plus interest. What is the amount of the total contract price? O a. $30,000 o b. $40,000 oc. $115,000 o d. $150,000
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 7DQ
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