During 2016,Howard and Mabel,a Married Couple,decided to Sell Their Residence

question 34

Multiple Choice

During 2016,Howard and Mabel,a married couple,decided to sell their residence.The residence has a basis of $162,000 and has been owned and occupied by them for 11 years.The house was sold in May for $395,000 with broker's commissions and other selling expenses being $24,000.They purchased a new residence in June for $400,000.What is the adjusted basis of the new residence?

• A)$0
• B)$141,000
• C)$162,000
• D)$191,000
• E)None of the above

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Definitions:

Alzheimer's Disease

A progressive neurodegenerative disorder that affects memory, thinking, and behavior, and is the most common cause of dementia.

After Age 65

Pertains to the period or demographic group defined by individuals who are 65 years of age and older, often considered the senior or elderly population segment.

Neurofibrillary Tangles

Twists or tangles of filaments within nerve cells, especially prominent in the cerebral cortex and hippocampus, common in the brains of Alzheimer’s disease patients.

Alois Alzheimer

A German psychiatrist and neuropathologist best known for his identification of the first published case of "presenile dementia", which later came to be known as Alzheimer's disease.