User Account

All Pages

What amount of the gain is Ethan allowed

Assignment Help Accounting Basics
Reference no: EM132707812

Question - Ethan (single) purchased his home on July 1, 2010. He lived in the home as his principal residence until July 1, 2017, when he moved out of the home, and rented it out until July 1, 2019, when he moved back into the home. On July 1, 2020, he sold the home and realized a $177,500 gain. What amount of the gain is Ethan allowed to exclude from his gross income?

A) $0.

B) $142,000.

C) $167,500.

D) $177,500.

Reference no: EM132707812

Questions Cloud

List the diseases that babies and children in usa : List some of the diseases that babies and children in the USA are routinely vaccinated against
Find what real effect on profit if the order is accepted : Sipacore Metal Works received an offer from a big-box retail company, What will be the real effect on profit if the order is accepted?
Prepare Martinez journal entries : On January 1, 2020, Martinez Animation sold a truck to Peete Finance for $44,000. Prepare Martinez's 2020 journal entries
Estimate annual cost savings available through relocating : Falkirk gathered on potential real estate savings through relocation, estimate the annual cost savings available through relocating some or all of accounting
What amount of the gain is Ethan allowed : On July 1, 2020, he sold the home and realized a $177,500 gain. What amount of the gain is Ethan allowed to exclude from his gross income
Explain how vaccines work : List reasons why people are worried about allowing their children to be vaccinated, including any scientific evidence to support these concerns
Determine the potential staff reduction : Determine the potential staff reduction and calculate the potential annual cost savings from electronic processing of 50% of the accounts payable checks.
Determine the properties of poly-x : Assume that the results do not meet your expectations. What should be its next steps to determine the properties of poly-X?
Solve the annual savings per function through offshoring : All incremental ongoing technology costs and postage costs are charged to accounts payable, calculate the annual savings per function through offshoring.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd