Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Peyton is to receive $1,898,000 in cash. The purchaser is to assume Peyton's mortgage of $1,138,800 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $113,880 in points charged by the lender. The broker's commission on the sale is $75,920. What is Peyton's amount realized? The amount realized by Peyton is $

Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Peyton is to receive $1,898,000 in cash. The purchaser is to assume Peyton's mortgage of $1,138,800 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $113,880 in points charged by the lender. The broker's commission on the sale is $75,920. What is Peyton's amount realized? The amount realized by Peyton is $

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges

Section: Chapter Questions

Problem 46P

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