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Title: This year, John purchased property from William by assuming an existing mortgage of $40,000 and ... Post by: Augustus1 on Jan 9, 2017 This year, John purchased property from William by assuming an existing mortgage of $40,000 and agreed to pay an additional $60,000, plus interest, in the 3 years following the year of sale (i.e. $20,000 annual payments for three years, plus interest). William had an adjusted basis of $44,000 in the building. What are the sales price and the contract price in this transaction?
A) Sales Price Contract Price $40,000 $60,000 B) Sales Price Contract Price $100,000 $40,000 C) Sales Price Contract Price $100,000 $60,000 D) Sales Price Contract Price $100,000 $100,000 Title: Re: This year, John purchased property from William by assuming an existing mortgage of $40,000 and ... Post by: MsLippy on Jan 9, 2017 Content hidden
Title: Re: This year, John purchased property from William by assuming an existing mortgage of $40,000 and ... Post by: Augustus1 on Mar 19, 2017 I needed this so bad, I'm laughing right now from happiness
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