Winslow Owns a Residential Rental Property with an Adjusted Basis

question 52

Multiple Choice

Winslow owns a residential rental property with an adjusted basis of $200,000 at the beginning of the current year. The county treasurer sends Winslow a tax bill payable by December 31. The bill is for real estate property taxes of $1,200 for the current calendar year and for a $6,000 special assessment for a new sewer line. On November 1, Winslow sells the property to Edwin for $225,000. As part of the sale contract, Winslow will pay the special assessment at closing and Edwin agrees to pay the realty taxes on the due date. What is Winslow's gain on the sale?

• A)$19,000
• B)$20,000
• C)$21,000
• D)$25,000
• E)$26,000

---

Definitions:

Ambivalent Attachments

A type of insecure attachment where an individual has mixed feelings about close relationships, seeking both closeness and independence.

Attachment Theory

A psychological model that describes the dynamics of long-term and short-term interpersonal relationships between humans.

Sexually Attracted

The feeling of being drawn to another person in a sexual manner, desiring sexual interaction or intimacy with them.