Yolanda Buys a House in the Mountains for $450,000 Which

question 285

Multiple Choice

Yolanda buys a house in the mountains for $450,000 which she uses as her personal vacation home. She builds an additional room on the house for $40,000. She sells the property for $560,000 and pays $28,000 in commissions and $4,000 in legal fees in connection with the sale. What is the recognized gain or loss on the sale of the house?

• A) $0
• B) $38,000
• C) $70,000
• D) $110,000
• E) None of the above

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Definitions:

Amphetamines

A class of stimulant drugs used to treat conditions like ADHD and narcolepsy by increasing focus and alertness.

Wakefulness

is the state of being awake and conscious, characterized by high levels of sensory awareness, thought, and behavior.

Alertness

The state of being watchful and ready to respond quickly to any potential danger or opportunity.

Psychedelic Drugs

Consciousness-altering drugs that produce hallucinations, change thought processes, or disrupt the normal perception of time and space.