Kate Sells Property for $120,000

question 20

Multiple Choice

Kate sells property for $120,000.The buyer pays $2,000 in property taxes that had accrued during the year while the property was still legally owned by Kate.In addition,Kate pays $6,000 in commissions and $2,000 in legal fees in connection with the sale.How much does Kate realize from the sale of her property?

• A)$112,000.
• B)$114,000.
• C)$116,000.
• D)$120,000.
• E)None of the above.

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