1. Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2020 for $190,000. Oscar's basis in the residence is $45,000, and his selling expenses are $11,000. If Oscar does not buy a new residence, what is the taxable gain on the sale of his residence?

a.$145,000

b.$134,000

c.$0

d.$9,000

e.$45,000

2. Jim, a single taxpayer, bought his home 20 years ago for $25,000. He has lived in the home continuously since he purchased it. In 2020, he sells his home for $300,000. What is Jim's taxable gain on the sale?

a.$125,000

b.$0

c.$25,000

d.$275,000

3. Jim has a net operating loss in 2020. If he does not make any special elections, what is the first year to which Jim carries the net operating loss?

a.2017

b.2016

c.2018

d.2015

e.2020