How much is robert''s recognized gain on the sale

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Reference no: EM13272789

Robert sold his ranch which was his principal residence during the current taxable year At the date of the sale, the ranch had an adjusted basis of 460000 and was encumbered by a mortgage of 200000 the buyer paid him 500000 in cash, agreed to take the title subject to the 200000 mortgage, and agreed to pay him 100000 with interest at 6 percent one year from the date of sale. How much is robert's recognized gain on the sale.

Reference no: EM13272789

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