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Josh sold a piece of business property that had an adjusted basis to him of $50,000. In return for the property, Josh received $90,000 cash and a truck with a fair market value of $10,000 from the buyer. The buyer also assumed Josh's $25,000 loan on the property. Josh paid $5,000 in selling expenses. What is the amount of Josh's gain on the sale?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M952648

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