Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200. In addition, the buyer assumes a mortgage on the land of $12,000. What is Vijay's amount received in this transaction? a.$5,000 b. $19,800 c. $7,800 d. $20,200 e. $8,200
Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200. In addition, the buyer assumes a mortgage on the land of $12,000. What is Vijay's amount received in this transaction? a.$5,000 b. $19,800 c. $7,800 d. $20,200 e. $8,200
Chapter4: Additional Income And The Qualified Business Income Deduction
Section: Chapter Questions
Problem 4MCQ: Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super...
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Transcribed Image Text:Vijay sells land and receives $5,000 cash, a motorcycle
worth $1,600, and two tickets to the Super Bowl with a
total face value (cost) of $800 but worth $1,200. In
addition, the buyer assumes a mortgage on the land of
$12,000. What is Vijay's amount received in this
transaction?
a.$5,000
b. $19,800
c. $7,800
d. $20,200
e. $8,200
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