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(05) Which of the following statements is TRUE if a seller realized $21,000 in gain on the original sale of their principal residence, and repossessed
| (05) Which of the following statements is TRUE if a seller realized $21,000 in gain on the original sale of their principal residence, and repossessed and resold the property 14 months later? |
| (1) No gain is recognized on the repossession, and the repossession and original sale are reported as separate transactions. |
| (2) No gain is recognized on the repossession, and the repossession and original sale are treated as a single transaction. |
| (3) The seller may elect to exclude the gain, if any, from the repossession in the year of repossession. |
| (4) The seller may elect to exclude the gain, if any, on the repossession in the year of the original sale. |
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Agile Project Management Assurance And Auditing A Practical Guide For Auditors Reviewers And Project Teams
Authors: Wright Christopher
1st Edition
1787783553, 978-1787783553
