(Answered) Question - a taxpayer purchased land in 2007 for 85000 and

Accounting

Question - A taxpayer purchased land in 2007 for $85,000 and sold it in 2016 for $75,000 cash. The buyer also assumed the mortgage of $5,000. What is the amount of gain/loss on the sale of the land?

$5,000 loss.

$5,000 gain.

$15,000 gain.

$20,000 loss.

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