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Carlotta originally sold her principal residence in an installment sale for $150,000. Her adjusted basis in the home was $110,000 at that time. Three years
Carlotta originally sold her principal residence in an installment sale for $150,000. Her adjusted basis in the home was $110,000 at that time. Three years later, she repossessed the home from the buyer when the balance of the note was $135,000. She spent $4,000 on improvements and resold it within the year for $160,000. What is Carlotta's recomputed adjusted basis in the property? A)$114,000 B)$129,000 C)$139,000 D)$154,000..
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