Jessie purchased land as an investment on January 12, 2017, for $80,000. On January 31,...
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Jessie purchased land as an investment on January 12, 2017, for $80,000. On January 31, 2022, Jessie sold the land for $33,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount of the realized gain or loss on the sale?
a. $15,000 gain
b. $47,000 loss
c. $10,000 loss
d. $23,000 gain
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