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Business, 24.01.2020 04:31 kiragor2545

Patrice sells a parcel of land for $50,000 cash and the buyer assumes patrice's liability of $7,000 on the land. patrice's basis in the land is $40,000. what is the gain or loss she will recognize on the sale?

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Patrice sells a parcel of land for $50,000 cash and the buyer assumes patrice's liability of $7,000...

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