Which of the following is not used in the calculation of the amount realized:
A) Buyer's assumption of liabilities.
B) Adjusted basis.
C) Cash.
D) Fair market value of other property received.
E) All of the choices are used.

Question

Quizplus · Accepted Answer

Adjusted basis is used in calculating gain or loss on the sale of property, but it is not used in the calculation of the amount realized, which is the total amount of consideration received from the sale. The amount realized includes cash, the fair market value of other property received, and the buyer's assumption of liabilities.

Which of the Following Is Not Used in the Calculation