In 2000,Michael Purchased Land for $100,000

question 81

Multiple Choice

In 2000,Michael purchased land for $100,000.Over the years,economic conditions deteriorated,and the value of the land declined to $60,000.Michael sells the property in this year,when it is subject to a $30,000 nonrecourse mortgage.The buyer pays Michael $34,000 cash and takes the property subject to the mortgage.Michael incurs $5,000 in real estate commissions.Michael's gain or loss on the sale is

• A)$4,000 gain.
• B)$1,000 loss.
• C)$36,000 loss.
• D)$41,000 loss.

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Definitions:

Bargaining Unit

A group of employees with a clear and identifiable community of interests who are represented collectively in negotiations with their employer.

Labour Relations

The study and practice of managing relationships between employers and employees, focusing on negotiation, collective bargaining, and conflicts.

Provincial Laws

Legislation enacted by the legislative assembly of a province, governing matters within its own jurisdiction and scope.

Labour Relations Board

A governmental body that oversees and enforces labor laws and regulations, dealing with disputes between employers and unions.