Bob Owns a Rental Property That He Bought Several Years

question 62

Multiple Choice

Bob owns a rental property that he bought several years ago for $250,000. He has taken depreciation on the house of $35,000 since buying it. He sells it in 2016 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized gain on the sale?

• A)$18,000
• B)$53,000
• C)$63,000
• D)$77,000
• E)None of the above

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Definitions:

Middle East

A geopolitical region that generally includes Western Asia and Egypt, known for its historical and strategic significance.

Post-Secondary Education

Education that occurs after high school, including programs at colleges, universities, and technical schools.

Social Stratification

Division of people into categories or strata that are rewarded unequally in terms of power, property, and prestige.

Sexualized Violence

Acts of violence or coercion that are sexual in nature, used to exert power and control over the victim.