Liam sold land to Amanda. The sales price was $320,000. Liam paid a commission to a real estate broker of $19,500 and paid other selling expenses of $4,800. Liam's basis in the land was $182,700. What was Liam's gain realized on the sale of the land? Provide answer

Liam sold land to Amanda. The sales price was $320,000. Liam paid a commission to a real estate broker of $19,500 and paid other selling expenses of $4,800. Liam's basis in the land was $182,700. What was Liam's gain realized on the sale of the land? Provide answer

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 36P

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