Sophia sold land to Brian. The sales price was $250,000. Sophia paid 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?
Sophia sold land to Brian. The sales price was $250,000. Sophia paid 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?
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 14BCRQ
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Transcribed Image Text:Sophia sold land to Brian. The sales price
was $250,000. Sophia paid 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?
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