In each of the following cases,determine the amount of realized gain or loss and the recognized gain or loss:
a.Silvia sells her house for $100,000 and she pays $8,000 in commissions on the sale.She paid $110,000 for the house 2 years earlier.

b.In July 2012,Carmen,who is single,is transferred to Dallas.She had purchased a new home in June 2013 for $130,000.Carmen sells the house for $165,000 and pays a commission of $10,000 on the sale.

c.Conrad is single and sells his principal residence for $350,000.He pays selling expenses of $20,000.Conrad purchased the house for $65,000 in 1986.
c.Conrad is single and sells his principal residence for $350,000. He pays selling expenses of $20,000. Conrad purchased the house for $65,000 in 1986.

Question

In each of the following cases,determine the amount of realized gain or loss and the recognized gain or loss:
a.Silvia sells her house for $100,000 and she pays $8,000 in commissions on the sale.She paid $110,000 for the house 2 years earlier.
 
b.In July 2012,Carmen,who is single,is transferred to Dallas.She had purchased a new home in June 2013 for $130,000.Carmen sells the house for $165,000 and pays a commission of $10,000 on the sale.
 
c.Conrad is single and sells his principal residence for $350,000.He pays selling expenses of $20,000.Conrad purchased the house for $65,000 in 1986.
c.Conrad is single and sells his principal residence for $350,000. He pays selling expenses of $20,000. Conrad purchased the house for $65,000 in 1986.

Quizplus · Accepted Answer

The Answer of In each of the following cases,determine the amount of realized gain or loss and the recognized gain or loss:
a.Silvia sells her house for $100,000 and she pays $8,000 in commissions on the sale.She paid $110,000 for the house 2 years earlier.
 
b.In July 2012,Carmen,who is single,is transferred to Dallas.She had purchased a new home in June 2013 for $130,000.Carmen sells the house for $165,000 and pays a commission of $10,000 on the sale.
 
c.Conrad is single and sells his principal residence for $350,000.He pays selling expenses of $20,000.Conrad purchased the house for $65,000 in 1986.
c.Conrad is single and sells his principal residence for $350,000. He pays selling expenses of $20,000. Conrad purchased the house for $65,000 in 1986.

In Each of the Following Cases,determine the Amount of Realized