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.Philip West sold his vacation cabin for $4,500 cash and a vacant lot. The cabin...

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Accounting

.Philip West sold his vacation cabin for $4,500 cash and a vacant lot. The cabin was subject to a liability of $30,000 and had an adjusted basis to Philip of $32,000. The lot was worth $10,000 and was subject to debt of $6,000. How much is Philips gain or loss realized?

Multiple Choice

  • $4,500

  • $4,000

  • $2,500

  • $6,500

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