On July 1, 2011, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000

On July 1, 2011, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted’s basis in his residence is $35,000. The expenses associated with the sale of his home total $20,000. On December 15,2011, Ted purchases and occupies a new residence at a cost of $175,000. Calculate Ted’s realized gain, recognized gain, and adjusted basis of his new residence.

Click here for the SOLUTION

This entry was posted in Homework Help. Bookmark the permalink.

Comments are closed.