Alicia Buys a Beach House for $425,000 Which She Uses

question 47

Multiple Choice

Alicia buys a beach house for $425,000 which she uses as her personal vacation home.She builds an additional room on the house for $45,000.She sells the property for $510,000 and pays $30,000 in commissions and $4,000 in legal fees in connection with the sale.What is the recognized gain or loss on the sale of the house?

• A)$0.
• B)$6,000.
• C)$30,000.
• D)$40,000.
• E)None of the above.

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Definitions:

Religious Reasons

Motivations or justifications for actions based on beliefs, practices, or principles derived from a particular religious faith.

Autonomous Consent

The concept of an individual freely and voluntarily agreeing to something, based on full information and understanding, without any form of coercion.

Beneficence

The ethical principle that emphasizes acting in ways that promote the well-being and welfare of others.

Use Of Placebos

The administration of a substance with no therapeutic effect, used as a control in testing new drugs or to harness the placebo effect in patient treatment.