Kevin Sold Property with an Adjusted Basis of $58,000

question 23

Multiple Choice

Kevin sold property with an adjusted basis of $58,000.The buyer assumed Kevin's existing mortgage of $40,000 and agreed to pay an additional $60,000 consisting of a cash down payment of $40,000,and payments of $4,000,plus interest,per year for the next 5 years.Kevin paid selling expenses totaling $2,000.What is Kevin's gross profit percentage?

• A)33 1/3%
• B)40%
• C)60%
• D)66 2/3%

---

Definitions:

Albert Bandura

A psychologist recognized for contributions to social learning theory and the notion of self-efficacy.

Environments

The surroundings or conditions in which a person, animal, or plant lives or operates, encompassing both natural and built elements.

Theoretical Orientation

The philosophical stance or framework a therapist or researcher adheres to, influencing how they understand clients' issues and guide their practice.

Observable Behaviour

Actions or reactions of an individual that can be observed and measured, often used in behavioral psychology.