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Alce bought his principal residence for $175,000 on June 5, 2015. He sold it on July 18, 2016. for $205,000. Assumingno adjustments to basis, what
Alce bought his principal residence for $175,000 on June 5, 2015. He sold it on July 18, 2016. for $205,000. Assumingno adjustments to basis, what is the amount and character of Alec's gain? a) long term, ordinary fain of $30,000. b) long term, capital gaing on $30,000 c) short term, ordinary gain of $30,000 d) shor term, capital gaing of $30,000
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