Answer:
$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
