Wesley who is single listed his personal residence with a

Reference no: EM13591206

Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2013, at a price of $390,000. He rejected several offers in the $350,000 range during the summer.Finally,on August 16, 2013, he and the purchaser signed a contract to sell for $363,000. The sale took place on September 7, 2013. The closing statement showed the following disbursements:

Real estate agent's commission	$21,780
Appraisal fee	600
Exterminator's certificate	300
Recording fees	800
Mortgage to First Bank	305,000
Cash to seller	34,520

Wesley's adjusted basis for the house is $200,000. He owned and occupied the house for seven years. On October 1, 2013, Wesley purchases another residence for $325,000. If an amount is zero, enter "0".

a. Wesley's recognized gain on the sale is $ .

b. Wesley's adjusted basis for the new residence is $

c. Assume instead that the selling price is $800,000.

Wesley's recognized gain is $ , and his adjusted basis for the new residence is $ .

Reference no: EM13591206

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