Wesley Sold a Piece of Property for $30,000 Cash Paying
Wesley sold a piece of property for $30,000 cash paying a $3,000 sales commission. The buyer assumed Wesley's $13,000 mortgage on the property. Wesley had purchased the property for $15,000 and had invested an additional $6,000 in it. What is Wesley's realized gain on the sale?
Grill Corporation sold all of its business assets when it went out of business. Which of the following is a capital asset?
B) Office equipment
D) Factory machinery
Emma sold her home for $60,000 cash and the buyer's assumption of her mortgage of $210,000. Emma paid closing costs of $2,900 and a broker's commission of $13,000. What is the amount Emma realized on the sale?
Noah sold investment land for $70,000 cash and the buyer's assumption of Noah's $30,000 mortgage on the property. Noah paid a realtor's commission of $2,800 on the sale. What is Noah's realized gain if the land has an adjusted basis of $57,000?