Basil, Who Is Single, Purchased a House on May 10

question 67

Short Answer

Basil, who is single, purchased a house on May 10, 1982, for $175,000. During the years Basil owned the house, he installed a pool at a cost of $20,000 and built a new garage at a cost of $20,000. On October 12, 2015, Basil sold the house for $518,000. Basil paid a sales commission of $24,600 and legal fees of $400 connected with the sale of the house. What is Basil's recognized gain on the sale of the house?

---

Definitions:

Quality Circles

Small groups of workers who voluntarily meet together to discuss and solve problems related to their work processes and environments.

Professional Association

An organization seeking to further a particular profession, the interests of individuals engaged in that profession and the public interest.

Labour Market Shelters

Sectors or practices within the job market that provide protection for workers, often through regulations, unions, or social policies.

Internal Labour Markets

Employment markets within organizations where workers are hired into entry-level positions and then progress to higher levels within the firm.