Courtney sells a cottage at the lake that the family had used for their summer vacations.The purchaser paid Courtney $100,000 and assumed the mortgage which had a principal balance of $50,000.Courtney had purchased the cottage five years ago for $170,000.Courtney will recognize
A)a gain of $20,000.
B)no gain or loss.
C)a loss of $70,000.
D)a loss of $20,000.

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The Answer of Courtney sells a cottage at the lake that the family had used for their summer vacations.The purchaser paid Courtney $100,000 and assumed the mortgage which had a principal balance of $50,000.Courtney had purchased the cottage five years ago for $170,000.Courtney will recognize
A)a gain of $20,000.
B)no gain or loss.
C)a loss of $70,000.
D)a loss of $20,000.

Courtney Sells a Cottage at the Lake That the Family