Frank, a single person, sold his home this year. He had owned and lived in the house for 10 years. Frank signed 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?

Question

Frank, a single person, sold his home this year. He had owned and lived in the house for 10 years. Frank signed 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?

Quizplus · Accepted Answer

The Answer of Frank, a single person, sold his home this year. He had owned and lived in the house for 10 years. Frank signed 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?

Frank, a Single Person, Sold His Home This Year