What is realized gain or loss to mia and the basis for jose, Accounting Basics

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What is realized gain or loss to mia and the basis for jose

Problem

Mia sells her property to Jose for $100,000 cash, $60,000 note receivable from Jose and Jose assumes her $50,000 remaining debt on the property. Mia is a cash basis taxpayer. Mia's adjusted basis for the property is $75,000. What is the realized gain or loss to Mia and the basis for Jose?

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Accounting Basics: What is realized gain or loss to mia and the basis for jose

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Accounting Basics: What is realized gain or loss to mia and the basis for jose

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