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Allen owns land with an adjusted basis of $610,000, subject to a mortgage of $350,000. On April 1, Allen sold his land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000. What is the amount realized
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Allen owns land with an adjusted basis of $610,000, subject to a mortgage of $350,000. On April 1, A...
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