Question: Ms. Anderson sold her home on November 1, Year 15 (the current year) for $355,000. She owned and lived in the home for 15 years,

Ms. Anderson sold her home on November 1, Year 15 (the current year) for $355,000. She owned and lived in the home for 15 years, and it had an adjusted basis of $75,000. She purchased a new home for $200,000. What amount of gain may Ms. Anderson exclude on this transaction?

Sam purchased a vehicle for $30,000 on February 1, 20X4, for use with his business, Sam's Airport Transport. Sam elected to take the Section 179 deduction. On January 1, 20X6, Sam sold the vehicle for $20,000. What were the tax effects of this transaction?

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