A taxpayer sells an asset with a basis of $25,000 to an unrelated party for $28,000.The taxpayer has a realized gain of $3,000.

Name: A taxpayer sells an asset with a basis of $25,000 to an unrelated party for $28,000.The taxpayer has a realized gain of $3,000.
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Quizplus · Accepted Answer

The realized gain is calculated by subtracting the basis from the amount received upon selling the asset. In this case, $28,000 - $25,000 = $3,000. Therefore, the taxpayer has a realized gain of $3,000.

A Taxpayer Sells an Asset with a Basis of $25,000