42-46. On August 5, this year, taxpayer (who is under age 55) sells his principal residence with an adjusted basis of $65,000 for $175,000. He pays $10,500 in commissions and $1,200 in legal fees in connection with the sale. One month before the sale, taxpayer painted the house at a cost of $1,500 and repaired various items at a cost of $2,500. On August 15, this year, taxpayer purchases a new home for $125,000. The taxpayer owned the sold principal residence for more than five years and lived in it for more than two years just prior to the sale. The amount realized on the sale of this house is:

Group of answer choices

a. $175,000

b. $164,500

c. $163,300

d. Zero

e. None of the above

43 Question 431.5 pts The gain realized on the sale of the above house is: Group of answer choices a. $98,300 b. $99,500 c. $110,000 d. None of the above Flag question: Question

44 Question 441.5 pts The "adjusted basis" of the old residence for taxpayer is:

Group of answer choices

a. $175,000

b. $163,300

c. $161,800

d. $159,300

e. None of the above

45 Question 451.5 pts The recognized gain on the sale of the old principal residence is:

Group of answer choices

a. Zero

b. $34,300

c. $98,300

d. $50,000 e. None of the above

46 Question 461.5 pts The basis of the new residence acquired is:

Group of answer choices

a. $54,000

b. $61,000

c. $98,300

d. $125,000

e. None of the above