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Alice owns land with an adjusted basis of $610,000 subject to a mortgage of $350,000. On April 1, Alice sells her land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000. What is the amount realized?

1 Answer

6 votes

Answer:

$1720,000

Step-by-step explanation:

Please see attachment .

Alice owns land with an adjusted basis of $610,000 subject to a mortgage of $350,000. On-example-1
answered
User Alperovich
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