Jessie purchased land as an investment on January 12, 2015 for $80,000. On January 31, 2020, Jessie sold the land for $33,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount of the realized gain or loss on the sale

$23,000 gain

Explanation:

In the given scenario the initial cost of purchase of the land by Jessie was $80,000

She finally sold the land for $33,000 cash and the purchaser also assumed a mortgage of $70,000.

That is a total sale price of 33,000 + 70,000 = $103,000

The gain on this transaction will be 103,000 - 80,000 = $23,000

Since part of the payment is in mortgage the gain is a long term capital gain for Jessie

1. Most people file their tax returns in the month of February, March and April.

2. The approximate number of people who filed their returns the first week of February and the week of April 15, combined=21 M

3. Most people don't file their tax returns on January for a variety of reasons namely; this is the period after the festive season most companies are fully back at work, this is the period where most people are still preparing their income statements and financial reports for filing and this process usually takes some time, and finally, most people usually feel like they still have a lot of time to the deadline of filing their returns.

4.  An equation to calculate the percentage of people who filed their taxes during the week of April can be expressed as;

Pa=(A/T)×100

5. The deadline for filing the tax returns is usually April 15th. From the graph we note that during the month of January no one attempted to file their returns with very many people filing their returns as the deadline approaches. So in reality most people in this nation are procrastinators since they avoided the tax of filing the tax return only until the deadline was fast approaching

Explanation:

1. Most people file their tax returns in the month of March and April. The number of people who filed their tax returns spiked in the month of February then slowed down a bit in the month of March then spiked again approaching April 15.

2. In the first week of February, about 18 million people filed their tax returns, and in the week of April 15 it was approximately 3 million people. To get the total number combined for February and April we can use the expression;

Total number=Number that filed in February+number that filed in April

where;

number that filed in February=18 M

number that filed in April=3 M

replacing in the above expression;

Total number=18+3=21 M

The approximate number of people who filed their returns the first week of February and the week of April 15, combined=21 M

3. Most people don't file their tax returns on January for a variety of reasons namely; this is the period after the festive season most companies are fully back at work, this is the period where most people are still preparing their income statements and financial reports for filing and this process usually takes some time, and finally, most people usually feel like they still have a lot of time to the deadline of filing their returns.

4.  An equation to calculate the percentage of people who filed their taxes during the week of April can be expressed as;

Pa=(A/T)×100

where;

Pa=percentage of people who filed their taxes during the week of April 15th.

A=number of people who filed their tax returns during the week of April 15th

T=total number of people who filed their tax returns

This can also be expressed as;

percentage of people who filed their taxes during the week of April 15th=(number of people who filed their tax returns during the week of April 15th/total number of people who filed their tax returns)×100

5. The deadline for filing the tax returns is usually April 15th. From the graph we note that during the month of January no one attempted to file their returns with very many people filing their returns as the deadline approaches. So in reality most people in this nation are procrastinators since they avoided the tax of filing the tax return only until the deadline was fast approaching