Nat Is a Salesman for a Real Estate Developer

question 17

Multiple Choice

Nat is a salesman for a real estate developer.His employer permits him to purchase a lot for $75,000.The employer's adjusted basis for the lot is $45,000,and its normal selling price is $90,000.
What is Nat's recognized gain and his basis for the lot?

• A)$0 $ 75,000
• B)$0 $ 90,000
• C)$15,000 $ 75,000
• D)$15,000 $ 90,000
• E)$30,000 $105,000

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Definitions:

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