Answered

Westonci.ca is the best place to get answers to your questions, provided by a community of experienced and knowledgeable experts. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Anya owns land with an adjusted basis of $305,000, subject to a mortgage of $175,000. Anya sells her land subject to the mortgage for $325,000 in cash, and a note for $300,000. What is Anya's amount realized on this sale

Sagot :

Parrain

Answer: $800,000

Explanation:

Alice's realized amount from the sale is a sum of all the amounts that the seller gets it for as well as any mortgages assumed.

Alice therefore realized:

= Mortgage assumed by seller + Cash + Note

= 175,000 + 325,000 + 300,000

= $800,000

We appreciate your time. Please come back anytime for the latest information and answers to your questions. We appreciate your time. Please come back anytime for the latest information and answers to your questions. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.