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What is the amount of joshs gain on the sale

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Josh sold a piece of business equipment that had an adjusted basis to him of $50,000. In return for the equipment, Josh received $90,000 cash and a painting with a fair market value of $20,000 from the buyer. The buyer also assumed Josh's $25,000 loan on the equipment. Josh paid $5,000 in selling expenses. What is the amount of Josh's gain on the sale?

$90,000
$135,000
$75,000
$80,000

$90,000
$135,000
$75,000
$80,000

Reference no: EM131796843

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