On February 1, 2015, Alan, a Single Individual, Purchased His

question 76

Multiple Choice

On February 1, 2015, Alan, a single individual, purchased his first personal residence for $400,000. On July 1, 2015, Alan sold this residence for $460,000 because he accepted a new job in another state. Consequently, Alan occupied the home for only 150 days. How much gain must Alan recognize?

• A) $0
• B) $8,630
• C) $30,000
• D) $51,370

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Definitions:

Casework

The assistance provided by members of Congress to their constituents in solving personal problems with the federal government or its agencies.

Congress

The bicameral legislature of the federal government of the United States, consisting of two houses: the Senate and the House of Representatives.

Majority Leader

A legislative position held by a member of the majority party in a legislative body who directs the legislative agenda and strategy of their party.

Minority Leader

The head of the minority party in a legislative body, responsible for coordinating the party's strategy and opposition.