On February 1, Alan, a Single Individual, Purchased His First

question 49

Multiple Choice

On February 1, Alan, a single individual, purchased his first personal residence for $400,000. On July 1, Alan sold this residence for $460,000 because he decided to move in with his girlfriend. Consequently, Alan occupied the home for only 150 days. How much gain must Alan recognize?

• A) $0
• B) $8,630
• C) $51,370
• D) $60,000

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Definitions:

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