1.

Anthony, who is single, sells his personal residence where he has lived for the past 25 years for $600,000. If Anthony's adjusted basis in the property is $250,000 and his selling expenses are $20,000, what are Anthony's realized and recognized gains?

Realized $330,000 Recognized $0
		Realized $350,000 Recognized $350,000
		Realized $330,000 Recognized $330,000
		Realized $330,000 Recognized $80,000

2.

Rudy purchased a rental property for $270,000 as an investment. An appraisal indicated that the value of the house is $180,000 and the land value is $120,000. What is Rudy's basis in these two assets?

	House $270,000 Land $0
		House $180,000 Land $120,000
		House $200,000 Land $100,000
		House $162,000 Land $108,000

3.

Betsy bought a rental house in March 2015 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2017, she had a swimming pool installed in the backyard at a cost of $20,000. Betsy has deducted $30,900 for depreciation on the house and $3,465 for depreciation on the pool. In January, 2020 Betsy sold the property.

What is Betsy's adjusted basis in the property at the time of the sale?

$285,635

$235,635

$269,100

$289,100