Wesley who is single listed his personal residence with a

Reference no: EM13591804

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: EM13591804

Questions Cloud

The heat of vaporization of ccl2f2 is 289 jgwhat mass of : question the heat of vaporization of ccl2f2 is 289 jg.what mass of this substance must evaporate in order to freeze

Benny purchased 400000 of peach corporation face value : benny purchased 400000 of peach corporation face value bonds for 320000 on november 13 2012. the bonds had been issued

What is the total area of a right rectangular prism with a : what is the total area of a right rectangular prism with a height of 8 feet a width of 10 feet and a thickness of 12

Question the concentration of glucose in blood is : question the concentration of glucose in blood is approximately 90mg100 ml. what is the weightvolume percent

Wesley who is single listed his personal residence with a : wesley who is single listed his personal residence with a real estate agent on march 3 2013 at a price of 390000. he

What is a payroll master file describe the types of errors : what is a payroll master file? describe the types of errors that may occur in the master file and how they get there.

What are threats to inventory within the production cycle : what are threats to inventory within the production cycle both threats to physical inventory and the data related to

Management is often faced with the alternative of : management is often faced with the alternative of continuing to make a product or component internally or going to an

How is it possible for a company to suffer a net loss for : how is it possible for a company to suffer a net loss for a given year yet produce a positive net cash flow from

User Account

All Pages