Noah Sold Investment Land for $70,000 Cash and the Buyer's

question 38

Multiple Choice

Noah sold investment land for $70,000 cash and the buyer's assumption of Noah's $30,000 mortgage on the property.Noah paid a realtor's commission of $2,800 on the sale.What is Noah's realized gain if the land has an adjusted basis of $57,000?

• A)$43,000
• B)$40,200
• C)$13,000
• D)$10,200