Homework Answers
Ans: B. $25000 on Part II id Correct Answer
Explanation:
|
Sale consideration (80000+25000) |
$105,000 |
|
Less: |
|
|
Cost of land |
$75,000 |
|
Selling expenses |
$5,000 |
|
Gain on sale of land |
$25,000 |
|
As land is sold within 1 year of purchase, so held for less than 1 year than it needs to be reported on Part II of Form 4787 |
|
|
Ans should be B $25000 on Part
II |
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