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aylene bought her house about 15 years ago for $197,500. Since then, she has deducted $35,000 in depreciation associated with her home office and has
aylene bought her house about 15 years ago for $197,500. Since then, she has deducted $35,000 in depreciation associated with her home office and has spent $22,500 replacing all the old pipes and plumbing. She sells the house on July 1, this year. Her realtor charged $17,350 in commissions. Prior to listing the house with the realtor, she spent $150 advertising in the local newspaper. Alfred buys the house for $250,000 in cash and assumes her mortgage of $97,000. What is Raylene's adjusted basis at the date of the sale and the amount realized? a. None of the choices presented are correct. b. $162,500 adjusted basis; $331,600 amount realized. c. $185,000 adjusted basis; $332,600 amount realized. d. $185,000 adjusted basis; $330,700 amount realized. e. $185,000 adjusted basis; $329,500 amount realized
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