What was Sophia's gain realized on the sale of the land ? Sophia sold land to Brian. The sales price$250,000. Sophia paidwasacommission to a real estate broker of$15,000 and paid other selling expensesof $3,200. Sophia's basis in the land was$135,500.What was Sophia's gain realized on thesale of the land?

Explanation of Gain Realized on Sale of Land:Gain realized on the sale of land represents the profit…

Answered: Sophia sold land to Brian. The sales…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 14BCRQ

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Sophia sold land to Brian. The sales price $250,000. Sophia paid was a commission to a real estate broker of $15,000 and paid other selling expenses of $3,200. Sophia's basis in the land was $135,500. What was Sophia's gain realized on the sale of the land?