# How much did Allan get from the sale of his land?

## How much did Allan get from the sale of his land?

Allan received \$5,000 cash and an auto worth \$15,000 in exchange for land that was encumbered by a \$13,000 liability that the buyer assumed. a. What is the amount realized on this sale?

What was the gain or loss on the sale of Whiteacre?

Realized Gain or Loss Charlie sold Whiteacre for \$40,000 cash and the buyer assumed Charlie’s \$19,000 mortgage on the property. Charlie paid a realtor commission of \$2,000 on the sale. What is his realized gain or loss if Whiteacre has an adjusted basis of

How does registration of property lead to automatic update of land records?

Registration of the property does not lead to automatic update of land records in revenue office.

### What did Corgill Corporation sell the land for?

Corgill Corporation sold land that it had used for storing old equipment. Corgill owned the land for seven years and it had a basis of \$234,000.

What’s the average value of an acre in the United States?

The United States cropland value averaged \$4,100 per acre, an increase of \$50 per acre (1.2 percent) from the previous year. The United States pasture value averaged \$1,400 per acre, up \$30 (2.2 percent) from 2018.