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John owns land with an adjusted basis of 305000 subject to

John owns land with an adjusted basis of $305,000, subject to a mortgage of $195,000. On April 1, 2007, John sells her land and the buyer assumes the mortgage. John receives $325,000 in cash and property with a FMV of $60,000. What is the amount realized?

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Accounting Basics: John owns land with an adjusted basis of 305000 subject to

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