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Bee owns land (Bravo) with an adjusted basis of $60 and a fair market value...

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Accounting

Bee owns land (Bravo) with an adjusted basis of $60 and a fair market value of $100. Bravo is subject to a mortgage of $4. B sells the land to Dell who gives Bee $96 in cash and assumes the mortgage. a) Does Bee realize gain/loss on the transaction and if yes, how much? b) Does Bee recognize gain/loss on the transaction and if yes, how much?

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