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

question 38

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
• E) None of the above

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Definitions:

Token Economy

A form of behavior modification based on the systematic reinforcement of target behavior, through the use of tokens that can be exchanged for other rewards.

Fixed-Ratio Schedule

A reinforcement schedule in operant conditioning where a response is reinforced only after a specified number of responses have occurred.

Intensive Study

An in-depth investigation or analysis concentrated on a specific subject or phenomenon over a limited period.

Single Subject

Research design typically used in the fields of psychology and education to measure the response of an individual to an intervention.