Cathy owns property subject to a mortgage of $5,000 . Annual real estate taxes are $800 and are due and payable on December 31 . Cathy sells her property on July 1 of the current year. The buyer assumes her $5,000 mortgage, and Cathy agrees to finance the sale by taking a mortgage note of $50,000 and property valued at $7,500 . The buyer agrees to pay the seller's portion of the property taxes
What is Cathy's amount realized?
a. $50,000
b. $57,500
c. $62,500
d. $62,900
e. $63,300
d
Business
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