Tony and Faith Sell Their Home for $495,000,incurring Selling Expenses

question 79

Short Answer

Tony and Faith sell their home for $495,000,incurring selling expenses of $25,000.They purchased the residence for $85,000 and made capital improvements totaling $20,000 during the 20 years they lived there.What is their realized gain and recognized gain on the sale?
$\begin{array}{ccc} & \text { Realized } & \text { Recognized } \\\text { a. } & \$ 365,000 & \$-0- \\\text { b. } & \$ 365,000 & \$ 115,000 \\\text { c. } & \$ 385,000 & \$ 135,000 \\\text { d. } & \$ 385,000 & \$-0- \\\text { e. } & \$ 390,000 & \$-0-\end{array}$

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The condition of having inequitable opportunities and benefits for various social roles or standings in a group or society.

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