On August 8, 2016, Sam, single, age 62, sold for $210,000 his principal residence, which he has
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Question:
On August 8, 2016, Sam, single, age 62, sold for $210,000 his principal residence, which he has lived in for 10 years, and which had an adjusted basis of $60,000. On November 1, 2016, he purchased a new residence for $80,000. For 2016, Sam should recognize a gain on the sale of his residence of:
a. $50,000
b. $25,000
c. $0
d. $130,000
e. None of these choices are correct.
Related Book For
Income Tax Fundamentals 2016
ISBN: 9781337343527
34th edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus-Buller
Posted Date: