mj sold land held for 10 years as an investment. his original cost was $300,000, the land sold for $350,000. mj paid the real estate broker $5,000 in commissions and spent $2,000 advertising the sale. mj is single and has other taxable income of $200,000.a. what amount of gain or loss will mj realize?b. what amount of gain or loss will mj recognize?c. what is the character of the gain or loss?d. what amount of tax will mj pay on the sale of the land?
