What is irvings recognized gain or loss on the sale if, Ask an Expert

Accounting

Irving sold Blackacre (investment real estate) for $50,000 cash and the buyer assumed Irving's $17,000 mortgage on the property. Irving paid a realtor commission of $2,000 on the sale.

What is Irvings recognized gain or loss on the sale if Blackacre has an adjusted basis of $63,000?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M965541

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