G : \"TakeTsl: Finaliiiaminalio... x 1,3 ,1 Q ; 3:5 4}. 7 x I 1-, nttps:_i'r'hh.uhd.edu_r'wehappsfassessmentaker'laLian'iJspkoLirse_asse55ment_id=_1137SE_1&(ourse_id=_55067_1&rontent_id=_1$194'.'CI|0'Sean'h | {y 11} f} E u'I E F Show Timer A V Question Completion Slalus: 2 points Save Answer Amos sells his Principal Residence which has anAdjusled Basis of$100,000 for $150,000. He incurs Selling Expenses and legal fees of $6,000. He had purchased another residence one (1) month prior to the sale for $140,000. \"What is the Recognized Gain or Recognized Loss and the basis of the replacement residence ifthe szpayer elecls to forego w'ltake) the Section 121 ofthe Internal Revenue Code exclusion (exclusion of Gain on sale ofPrincipal Residence)? 0 $114,000 Recognized Gain; $100,000 Basis In New Residence. O No Recognized Gain or Recognized Loss; $100,000 Basis In New Residence. O No Recognized Gain or Recognized Loss; $140,000 Basis In New Residence. I 0 $44,000 Recognized Gain; $140,000 Basis In New Residence. QUESTION 2|) 2poims SaveAnswer Which ofthe following is correct? 0 The postponement (deferral) of Realized Gain on a Direct (into property) Section 1033 of the Internal Revenue Code Involuntary Conversion is elective. O The postponement] (deferral) ofRealized Gain on a Section 1031 ofthe Internal Revenue Code LikeKind Exchange is mandatory. 0 The exclusmn of Realized Loss on a Section 121 ofthe Internal Revmue Code sale of Principal Residence is mandatory (1e. cannot be recognized). O The exclusmn of Realized Gain on a Section 121 ofthe Internal Revenue Code sale ofPrincipal Residence is mandatorv (1e. cannot be recognized). Click Save and Submit to save and submit. Click Save AlI'Ariswers to save all answers. SaiIeAII Answers I Save and Submit