Juan, Not a Dealer in Real Property, Sold Land That

question 36

Multiple Choice

Juan, not a dealer in real property, sold land that he owned.His adjusted basis in the land was $500,000 and it was encumbered by a mortgage for $200,000.The terms of the sale required the buyer to pay Juan $100,000 on the date of the sale.The buyer assumed Juan's mortgage and gave Juan a note for $600,000 (plus interest at the Federal rate) due in the following year.What is the gross profit percentage (gain ¸ contract price) ?

• A)300/900 = 33.3%.
• B)400/700 = 57.14%.
• C)400/600 = 66.67%.
• D)500/900 = 55.55%.
• E)None of the above.

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