Byron Williams sold rental real estate (not primary residence) to a buyer who paid him...
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Byron Williams sold rental real estate (not primary residence) to a buyer who paid him $385,000 cash and assumed an existing mortgage of $160,000. The property had cost Byron $290,000 several years ago and he had made improvements of $52,000. Depreciation of $71,000 has been claimed and selling expenses were $30,500.
a. What is the amount of realized gain?
b. What is the amount of recognized gain?
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