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Problem 13-46 (LO. 1) Norm is negotiating the sale of a tract of his land...

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Problem 13-46 (LO. 1) Norm is negotiating the sale of a tract of his land to Pat. He has proposed several different scenarios. Indicate whether the following items are tax consequences to Norm and Pat for each independent situation. a. As part of the sales agreement, Norm receives $50,000 from Pat for the land. This and b. As part of the sales agreement, Norm receives Pat's note payable for $25,000, payable in three years. This and C. As part of the sales agreement, Pat assumes Norm's mortgage of $5,000 on the land. This and d. As part of the sales agreement, Pat agrees to pay the realtor's sales commission of $8,000. This and e. As part of the sales agreement, Pat agrees to pay the property taxes on the land for the entire year. If each party paid his or her respective share, Norm's share would be $1,000, and Pat's share would be $3,000. This by s and by s f. As part of the sales agreement, Pat pays legal fees of $500. This and

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