Lana Owned a House Used as a Rental Property for Three

question 22

Multiple Choice

Lana owned a house used as a rental property for three years.During this rental period,she took $60,000 of depreciation deductions.Lana moved into the house and has used it as her principal residence for the past two years.Lana has just sold the house and realized a $200,000 gain.She will recognize gain of

• A)$0.
• B)$60,000.
• C)$200,000.
• D)$144,000.

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Definitions:

Democracy

A system of government in which power is vested in the people, who rule either directly or through freely elected representatives.

Popular Democrats

A reference to members of the Democratic Party who enjoy widespread support among the electorate.

Vietnam War

A lengthy conflict (1955-1975) between North Vietnam, supported by its communist allies, and South Vietnam, supported by the United States and other anti-communist countries.

Foreign Policy

A government's strategy in dealing with other nations, concerning diplomacy, trade, and national security.