Sol purchased land as an investment on January 12, 2016, for $85,000. On January 31, 2019, Sol sold the land for $25,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount realized (not gain realized) on the sale of the land?
A) $10,000
B) $25,000
C) $70,000
D) $95,000
E) None of these
Correct Answer:
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