Final answer:
The statement about the amount realized from a property sale not including any liability assumed by the buyer is false; such liabilities are included in the total amount realized.
Step-by-step explanation:
The statement that in general, the amount realized from a sale of property does not include any liability assumed by the buyer is false. In fact, when a property is sold, the amount realized typically includes the money paid by the buyer as well as the amount of any liability, such as a mortgage, that the buyer takes on.
If the seller had any debts or encumbrances on the property that the buyer agrees to pay or take over as part of the transaction, these are included in the total amount realized from the sale.
As for the historical exercises discussed, several statements were made about historical events and concepts. One example is the concept of a proprietary colony, which is discussed in Exercise 5.2.2.
The statement that proprietors in a proprietary colony have no responsibilities except to collect the profits is false. Proprietors had various duties including overseeing the settlement and governance of the colony.
In reference to Exercise 11.1.5, the claim that the Louisiana Purchase doubled the territory of the United States is true. This 1803 land deal between the United States and France significantly expanded the size of the country.