Gross selling price includes
I.the amount of a seller's debt assumed by the buyer.
II.the fair market value of services received by the seller from the buyer.

A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

Gross selling price includes
I.the amount of a seller's debt assumed by the buyer.
II.the fair market value of services received by the seller from the buyer.
​
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Quizplus · Accepted Answer

Both statements are correct. The gross selling price can include the amount of the seller's debt that the buyer agrees to take on as well as the fair market value of any services the seller receives from the buyer as part of the transaction.

Gross Selling Price Includes