Determining total gain and the taxable gain

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Reference no: EM13148569

Sable sells a passive activity with an adjusted basis of $245,000 for $305,000. Suspended losses attributable to this property total $45,000. The total gain and the taxable gain are:

a. $60,000 total gain; $60,000 taxable gain.

b. $15,000 total gain; $15,000 taxable gain.

c. $60,000 total gain; $0 taxable gain.

d. $60,000 total gain; $15,000 taxable gain.

e. None of the above.

Reference no: EM13148569

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