Question: On August 8, 2017, Sam, single, age 62, sold for $210,000 his principal residence, which he has lived in for 10 years, and which had

On August 8, 2017, Sam, single, age 62, sold for $210,000

On August 8, 2017, 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, 2017, he purchased a new residence for $80,000. For 2017, Sam should recognize a gain on the sale of his residence of: Oa. $130,000 Ob. $0 Oc. $25,000 Od. $50,000 e. None of these choices are correct

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