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Business, 23.12.2020 20:20 hjgdk6018

2. In 2020, Leon Longrove sold a piece of business equipment that had an adjusted basis to him of $50,000 for $75,000 cash plus artwork that had a fair market value of $25,000. The buyer assumed Leon's $20,000 loan on the equipment. Leon paid $5,000 in selling expenses. What is the amount of Leon's gain on the sale

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2. In 2020, Leon Longrove sold a piece of business equipment that had an adjusted basis to him of $5...
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