Taxpayer owns a building, which he purchased for $100,000 in 20X1. During 20X2, he built...
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Accounting
Taxpayer owns a building, which he purchased for $100,000 in 20X1. During 20X2, he built her an additional floor for $40,000.
In 20X3, Taxpayer sells the building to Buyer, who paid Taxpayer $135,000 and gave him a car with a market value of $10,000. The building has a market value of $150,000 at the time of sale. Taxpayer incurred $6,000 in selling expenses.
What is the amount realized and the realized gain or loss?
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