Matt, Who Is Single, Sells His Principal Residence, Which He

question 270

True/False

Matt, who is single, sells his principal residence, which he has owned and occupied for 5 years, for $435,000. The adjusted basis is $140,000 and the selling expenses are $20,000. Three days after the sale he purchases another residence for $385,000. Matt's recognized gain is $25,000 and his basis for the new residence is $385,000.

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Definitions:

Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature in the workplace or educational settings.

Work-Related Benefit

Compensation or perks provided to employees as part of their employment package, which may include health insurance, retirement plans, or paid time off.

Subjectively Found

Pertains to judgments or assessments made based on personal opinions, feelings, or tastes, rather than external facts or evidence.

Employment Rights

Legal rights and protections granted to employees, including minimum wage, work hours, and safety conditions.