Emily sold a piece of farmland to Noah. The sales price was $450,000. She paid a real estate commission of $22,500 and other selling expenses of $6,000. Her cost basis in the farmland was $320,000. What was Emily's realized gain on the sale?
Emily sold a piece of farmland to Noah. The sales price was $450,000. She paid a real estate commission of $22,500 and other selling expenses of $6,000. Her cost basis in the farmland was $320,000. What was Emily's realized gain on the sale?
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 56P
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Transcribed Image Text:Emily sold a piece of farmland to Noah. The
sales price was $450,000. She paid a real
estate commission of $22,500 and other selling
expenses of $6,000. Her cost basis in the
farmland was $320,000. What was Emily's
realized gain on the sale?
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