During 2017, Howard and Mabel, a married couple, decided to sell their residence. The residence has a basis of $162,000 and has been owned and occupied by them for 11 years. The house was sold in May for $395,000 with broker's commissions and other selling expenses being $24,000. They purchased a new residence in June for $400,000. What is the adjusted basis of the new residence?
A)$0
B)$141,000
C)$162,000
D)$191,000
E)None of the above

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The Answer of During 2017, Howard and Mabel, a married couple, decided to sell their residence. The residence has a basis of $162,000 and has been owned and occupied by them for 11 years. The house was sold in May for $395,000 with broker's commissions and other selling expenses being $24,000. They purchased a new residence in June for $400,000. What is the adjusted basis of the new residence?
A)$0
B)$141,000
C)$162,000
D)$191,000
E)None of the above

During 2017, Howard and Mabel, a Married Couple, Decided to Sell