Bob Owns a Rental Property That He Bought Several Years

question 7

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 2017 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

---

Definitions:

Temporal Lobe

A region of the brain located at the sides near the temples, important for processing auditory information and encoding memory.

Hippocampus

A major component of the brains of humans and other vertebrates, involved in the consolidation of information from short-term memory to long-term memory and spatial navigation.

Prospective Memory

The aspect of memory that involves remembering to perform a planned action or recall a planned intention at some future point in time.

Context-dependent Memory

Context-dependent memory refers to the improved recall of specific information when the context present at encoding and retrieval of the information is the same.