Required information The following information applies to the questions displaye

Question

Required information The following information applies to the questions displayed below Russell Corporation sold a parcel of land valued at $417,500. Its basis in the land was $311,037. For the land, Russell received $90,000 in cash in year 0 and a note providing that Russell will receive $227000 in year 1 and $100,500 in year 2 from the buyer. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Russell's realized gain on the transaction? ealized gain

Explanation / Answer

Particulars $ Amount realized from sale of land 417500 Amount of Adjusted basis of Land 311037 Amount of Realized gain on the transaction (417500 - 311037) 106463

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