Nelson Whiting (Single)purchased a Home in Denver, Colorado, for $300,000

question 101

Essay

Nelson Whiting (single)purchased a home in Denver, Colorado, for $300,000. He moved into the home on July 1 of year 1. He lived in the home as his primary residence until December 1, year 2, when he sold the home for $450,000. Nelson sold the home because he needed to move to change jobs and his new job was located several hundred miles away. What amount of gain must Nelson recognize on the home sale in year 2?

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Definitions:

Food Webs

Complex networks of who eats whom in an ecosystem, illustrating the flow of energy and nutrients across multiple trophic levels.

Trophic Level

A level in an ecosystem's food web characterized by organisms that share the same step in energy flow, such as primary producers or primary consumers.

Grazing Food Chain

Food chain in which energy is transferred from producers to grazers (herbivores).

Detrital Food Chain

Food chain in which energy is transferred directly from producers to detritivores.