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The Following Information Pertains to the Transfer of Real Estate

question 14

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The following information pertains to the transfer of real estate in regards to a troubled debt restructuring by North Co.to Bell Co.in full settlement of North's liability to Bell: The following information pertains to the transfer of real estate in regards to a troubled debt restructuring by North Co.to Bell Co.in full settlement of North's liability to Bell:   What amount should North report as ordinary gain (loss) on transfer of real estate? A) $(30,000) . B) $30,000. C) $120,000. D) $150,000. What amount should North report as ordinary gain (loss) on transfer of real estate?


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