Alice Owns Land with an Adjusted Basis of $610,000 Subject

question 17

Multiple Choice

Alice owns land with an adjusted basis of $610,000 subject to a mortgage of $350,000.On April 1, Alice sells her land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000.What is the amount realized?

• A)$1,250,000
• B)$1,370,000
• C)$1,720,000
• D)$1,820,000

---

Definitions:

Insurance Claim

A request made by the policyholder to the insurance company for compensation or coverage for a loss or policy event.

Incident Information

Specific details or data regarding an event or occurrence, especially one that may be unexpected or significant.

Cyber Policies

Insurance policies designed to mitigate risk exposure by offsetting costs involved with recovery from a cyber-related security breach or similar events.

Data Privacy

The aspect of information technology that deals with the ability an individual or organization has to determine what data in a computer system can be shared with third parties.