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Q. Alice owns land with an adjusted basis of $860,000 subject to a mortgage...

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Accounting

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Alice owns land with an adjusted basis of $860,000 subject to a mortgage of $250,000. On April 1, Alice sells her land subject to the mortgage and physically receives (i) $350,000 in cash,(ii) a note (credit) for $550,000, and (iii) property with a fair market value of $220,000. What is Alice's amount realized? a. $1,250,000

b. $1,370,000 c. $1,720,000 d. $1,820,000 e. None of a - d are correct

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