Byron Williams sold rental real estate (not primary residence) to a buyer who paid him...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Byron Williams sold rental real estate (not primary residence) to a buyer who paid him $385,000 cash and assumed an existing mortgage of $160,000. The property had cost Byron $290,000 several years ago and he had made improvements of $52,000. Depreciation of $71,000 has been claimed and selling expenses were $30,500.
a. What is the amount of realized gain?
b. What is the amount of recognized gain?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
