Pierce sold his home this year.He had owned and lived in the house for 10 years.Pierce signed a contract on March 4 to sell his home. Based on these facts,what is the amount of his recognized gain?
A)$0
B)$25,000
C)$40,000
D)$275,000

Question

Pierce sold his home this year.He had owned and lived in the house for 10 years.Pierce signed a contract on March 4 to sell his home.  Based on these facts,what is the amount of his recognized gain?
A)$0 
B)$25,000 
C)$40,000 
D)$275,000

Quizplus · Accepted Answer

B)
 11ea7cb8_54d8_9ce0_928c_b1669f00b8cb_TB1258_00 The repairs do not impact the realized or recognized gain.

Pierce Sold His Home This Year