Mr Beck Sold Real Property with a $140,000 Adjusted Basis

question 13

Multiple Choice

Mr. Beck sold real property with a $140,000 adjusted basis for $255,000. The buyer paid $148,000 cash and assumed Mr. Beck's $107,000 mortgage on the realty. Mr. Beck's realized gain or loss on sale is:

• A) $115,000 gain
• B) $8,000 gain
• C) $33,000 loss
• D) $0 gain or loss

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Definitions:

Brain Stem

The most inferior part of the brain, connecting the cerebrum with the spinal cord and controlling fundamental life-sustaining functions like breathing and heart rate.

Medulla

The inner region of an organ or the medulla oblongata, a part of the brainstem involved in autonomic functions.

Pons

A part of the brain stem that links the medulla oblongata and the thalamus, involved in regulating breathing and other functions.

Corpus Callosum

A large band of nerve fibers connecting the two hemispheres of the brain, facilitating communication between them.