A Taxpayer Purchased Land in 2015 for $26,000 and Sold

question 69

Multiple Choice

A taxpayer purchased land in 2015 for $26,000 and sold it in 2017 for $31,000 cash.The buyer also assumed the remaining mortgage of $13,000.What is the amount recognized on the sale of the land?

• A)$5,000 gain.
• B)$8,000 gain.
• C)$18,000 gain.
• D)$8,000 loss.

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Siblings who share the same biological parents, fully related genetically.

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An individual's innate disposition or personality traits that significantly influence their behaviors and reactions across different situations.

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A person's overall amount of physical energy and movement, which can be a characteristic of their behavior and temperament.

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