Adjustments to gross selling price include
I.the amount of a seller's expenses paid by the buyer.
II.the amount of the buyer's debt assumed by the seller.

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

Question

Adjustments to gross selling price include
I.the amount of a seller's expenses paid by the buyer.
II.the amount of the buyer's debt assumed by the seller.
​
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. Adjustments to gross selling price may include expenses, such as property taxes or homeowner association fees, that the seller has already paid but the buyer is responsible for for the remainder of the year. Additionally, if the buyer assumes the seller's debt, the amount of that debt would be factored into the adjusted gross selling price.

Adjustments to Gross Selling Price Include