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What is Rafael amount realized on the sale

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Question - Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios?

a. Rafael received $97,500 cash and a vehicle worth $13,900. Rafael also paid $6,500 in selling expenses.

b. Rafael received $36,000 cash, a parcel of land worth $59,500, and marketable securities of $17,500. Rafael also paid a commission of $9,750 on the transaction.

Reference no: EM132564981

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