Ruth sold land she purchased three months earlier for use, Ask an Expert

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Ruth sold land she purchased three months earlier for use in her business. Her cost and adjustment basis in the land is $75,000. The buyer paid $80,000 cash and assumed Ruth's $25,000 mortgage on the property. What is the amount of her gain, and where on the 4797 will she report the sale?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92757045

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