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Business, 22.04.2020 03:18 1910153

Mr. J, who has $15,000 of salary income, sold land that he had purchased for investment purposes 10 years ago to Ms. P for $5,000 cash and her assumption of an existing mortgage of $2,000 and delinquent back taxes of $1,500. Mr. J’s adjusted basis in the land was $10,000, and he paid $600 in selling costs. What is Mr. J’s deductible loss, assuming he had no other capital asset transactions?

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Mr. J, who has $15,000 of salary income, sold land that he had purchased for investment purposes 10...
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