Use the Following Data to Determine the Sales Price of Etta's

question 104

Essay

Use the following data to determine the sales price of Etta's principal residence and the realized gain.She is not married.The sale of the old residence qualifies for the § 121 exclusion.
Selling expenses
$ 45,000
Recognized gain
180,000
Cost of new residence
760,000
Adjusted basis of old residence
225,000
§ 121 exclusion
250,000

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Definitions:

System of Linear Equations

A set of linear equations with the same variables; the solution is the set of values that satisfies all equations simultaneously.

Matrix

A rectangular array of numbers or expressions arranged in rows and columns that can be used to solve systems of linear equations, among other applications.

Linear Inequalities

Algebraic expressions that deal with the comparison of linear expressions, using inequality signs like <, >, ≤, or ≥.

Graph

A graphic representation illustrating the framework of associations or linkages between several entities by utilizing unique elements such as dots, lines, and bars.