During 2010,Ted and Judy,a Married Couple,decided to Sell Their Residence,which

question 121

Multiple Choice

During 2010,Ted and Judy,a married couple,decided to sell their residence,which had a basis of $225,000.They had owned and occupied the residence for 16 years.To make it more attractive to prospective buyers,they had the outside painted in April at a cost of $10,000 and paid for the work immediately.They sold the house in May for $795,000.Broker's commissions and other selling expenses amounted to $45,000.Since they both are age 68,they decide to rent an apartment.They purchase an annuity with the net proceeds from the sale.What is the recognized gain?

• A)$0.
• B)$15,000.
• C)$25,000.
• D)$525,000.
• E)None of the above.

Recognize the distinctions between de jure, de facto, and corporation by estoppel statuses.

Understand the financial obligations of corporations to maintain good standing.

Comprehend the legal mechanisms available for corporate financing and the distinctions between them.

Understand the function and types of restriction enzymes, including their cutting patterns.