Darren (Single) Purchased a Home on January 1, 2014 for $400,000

question 46

Essay

Darren (single) purchased a home on January 1, 2014 for $400,000. Darren lived in the home as his primary residence until January 1, 2016 when he began using the home as a vacation home. He used the home as a vacation home until January 1 2017 (he used a different home as his primary residence from January 1, 2016 to January 1, 2017). On January 1, 2017, Darren moved back into the home and used it as his primary residence until January 1, 2018 when he sold the home for $500,000. What amount of the $100,000 gain Darren realized on the sale must he recognize for tax purposes in 2018?

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Definitions:

Direct Labour Costs

Expenses related to employees who are directly involved in the production of goods or services.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to individual units of production, based on estimated costs.

Direct Materials

These are raw materials that are directly traceable to the manufacturing of a product.

Direct Labour-Hours

The sum of working hours for employees actively participating in the manufacturing procedure.