Carlos Bought a Building for $113,000 in 2013

question 7

Multiple Choice

Carlos bought a building for $113,000 in 2013.He added an addition to the building for $26,000.In 2017,he sold it for $212,000.What was his long-term capital gain (ignore depreciation) ?

• A)$0
• B)$47,000
• C)$73,000
• D)$99,000
• E)$212,000

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Definitions:

Statement of Claim

A legal document filed by the plaintiff in a lawsuit outlining the facts and legal reasons they are seeking damages or remedy from the defendant.

Mediation Process

A form of alternative dispute resolution where a neutral third party helps the disputing parties to reach a mutual and voluntary agreement.

Litigation

The process of taking legal action or resolving disputes through the courts.

Power Imbalances

Situations where one party has more control or influence than another in a relationship or transaction.