In Each of the Following Cases, Determine the Amount of Realized

question 90

Essay

In each of the following cases, determine the amount of realized gain or loss and the recognized gain or loss:
a. Silvia sells her house for $100,000 and she pays $8,000 in commissions on the sale. She paid
$110,000 for the house 2 years earlier.
b. In July 2012, Carmen, who is single, is transferred to Dallas. She had purchased a new home in June 2013 for $130,000. Carmen sells the house for $165,000 and pays a commission of $10,000 on the sale.
c. Conrad is single and sells his principal residence for $350,000. He pays selling expenses of
$20,000. Conrad purchased the house for $65,000 in 1986.

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