Mr. Beck sold real property with a $140,000 adjusted basis for $255,000. The buyer paid $148,000 cash and assumed Mr. Beck's $107,000 mortgage on the realty. Mr. Beck's realized gain or loss on sale is:
A. $0 gain or loss
B. $115,000 gain
C. $33,000 loss
D. $8,000 gain
Answer: B
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