What is the gain or loss on the sale? Pauline sells a parcel of land for $65,000cash, and the buyer assumes Pauline'sliability of $9,000 on the land. Pauline'sbasis in the land is $50,000.What is the gain or loss she will recognize onthe sale?A. $6,000 gainB. $15,000 gainC. $24,000 lossD. $24,000 gain

To determine the gain or loss on the sale, we need to calculate Pauline's total consideration…

Answered: Pauline sells a parcel of land for…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter16: Property Transactions: Capital Gains And Losses

Section: Chapter Questions

Problem 25P

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Pauline sells a parcel of land for $65,000 cash, and the buyer assumes Pauline's liability of $9,000 on the land. Pauline's basis in the land is $50,000. What is the gain or loss she will recognize on the sale? A. $6,000 gain B. $15,000 gain C. $24,000 loss D. $24,000 gain