Frank, a single person age 52, sold his home this year. He had lived in the house for 10 years. He signed a contract on March 4 to sell his home and closed the sale on May 3.
Based on these facts, what is the amount of his recognized gain?
A)$0
B)$39,800
C)$40,000
D)$52,000

Question

Frank, a single person age 52, sold his home this year. He had lived in the house for 10 years. He signed a contract on March 4 to sell his home and closed the sale on May 3.
 Based on these facts, what is the amount of his recognized gain?
A)$0 
B)$39,800 
C)$40,000 
D)$52,000

Quizplus · Accepted Answer

The Answer of Frank, a single person age 52, sold his home this year. He had lived in the house for 10 years. He signed a contract on March 4 to sell his home and closed the sale on May 3.
 Based on these facts, what is the amount of his recognized gain?
A)$0 
B)$39,800 
C)$40,000 
D)$52,000

Frank, a Single Person Age 52, Sold His Home This