Pete sold his home in Year 1, which he had lived in for 15 years Petes records reflect the following Signed a contract on 12 17 Yr 1 to sell his home Sold old residence on 12 20 Yr 1 for $471,000 Selling expenses on the old residence 5,000 The following two items were done during the 90 day period ending 12 17 Yr 1 and paid by Pete on 2 4 Yr 2 Installed a new water heater and sump pump 900 Replaced broken windows did touch up painting 800 Basis of old home as of 9 15 Yr 1 155,000 Based on the facts provided above, what is the amount of Petes realized gain and recognized gain Realized Gain Recognized Gain A Realized Gain $309,000 Recognized Gain $59,300 B Realized Gain $310,100 Recognized Gain $60,100 C Realized Gain $310,100 Recognized Gain $310,100 D Realized Gain $309,000 Recognized Gain $309,300 Juan sold his home in Year 1 Juan had owned and occupied the home for 8 years Based on the following facts, what is the amount of his recognized gain Signed a contract on 3 4 Yr 1 to sell his home Sold 8 3 Yr 1 for $1,000,000 Selling expenses 50,000 Replaced and paid for a broken window 3 2 Yr 1 300 Basis of old home before repairs and improvements 600,000 A $0 B $100,000 C $150,000 D $350,000 Mr Scott owned a parcel of real estate that he was holding for investment It had an adjusted basis of $50,000 Mr Scott exchanged the real estate for the assets listed below Land to be held for investment Fair market value $60,000 A boat for personal use Fair market value 3,000 Cash 2,000 What is the amount of Mr Scotts basis in the real estate that he received A $45,000 B $60,000 C $50,000 D $58,000 John and Lynn had lived in the home for the past 10 years and purchased the home for $500,000 They sold the home for $1 2 million What is the maximum amount of gain they can exclude in the current year A $250,000 B $700,000 C $500,000 D $0 Jeff and Lynn were married in August of this year Prior to their marriage, they had each maintained a separate principal residence Jeff had a condo that he purchased for $160,000 15 years ago and sold in December of last year for $380,000 Lynn had a home that she purchased 10 years ago for $100,000 and sold in December of this year for $400,000 What is the amount of their recognized gain this year A $20,000 B $250,000 C $0 D $50,000

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Pete sold his home in Year 1, which he had lived in for 15 years. Petes records reflect the following: Signed a contract on 12/17/Yr

Pete sold his home in Year 1, which he had lived in for 15 years. Petes records reflect the following:

Signed a contract on 12/17/Yr 1 to sell his home
Sold old residence on 12/20/Yr 1 for	$471,000
Selling expenses on the old residence	5,000

The following two items were done during the 90-day period ending 12/17/Yr 1 and paid by Pete on 2/4/Yr 2:

Installed a new water heater and sump pump	900
Replaced broken windows; did touch-up painting	800
Basis of old home as of 9/15/Yr 1	155,000

Based on the facts provided above, what is the amount of Petes realized gain and recognized gain?

Realized Gain

Recognized Gain
A.

Realized Gain

$309,000

Recognized Gain

$59,300
B.

Realized Gain

$310,100

Recognized Gain

$60,100
C.

Realized Gain

$310,100

Recognized Gain

$310,100
D.

Realized Gain

$309,000

Recognized Gain

$309,300

Juan sold his home in Year 1. Juan had owned and occupied the home for 8 years. Based on the following facts, what is the amount of his recognized gain?

Signed a contract on 3/4/Yr 1 to sell his home.
Sold 8/3/Yr 1 for	$1,000,000
Selling expenses	50,000
Replaced and paid for a broken window 3/2/Yr 1	300
Basis of old home before repairs and improvements	600,000

A.$0
B.$100,000
C.$150,000
D.$350,000

Mr. Scott owned a parcel of real estate that he was holding for investment. It had an adjusted basis of $50,000. Mr. Scott exchanged the real estate for the assets listed below:

Land to be held for investment:
Fair market value	$60,000
A boat for personal use:
Fair market value	3,000
Cash	2,000

What is the amount of Mr. Scotts basis in the real estate that he received?

A.$45,000
B.$60,000
C.$50,000
D.$58,000

John and Lynn had lived in the home for the past 10 years and purchased the home for $500,000. They sold the home for $1.2 million. What is the maximum amount of gain they can exclude in the current year?

A.$250,000
B.$700,000
C.$500,000
D.$0

Jeff and Lynn were married in August of this year. Prior to their marriage, they had each maintained a separate principal residence. Jeff had a condo that he purchased for $160,000 15 years ago and sold in December of last year for $380,000. Lynn had a home that she purchased 10 years ago for $100,000 and sold in December of this year for $400,000. What is the amount of their recognized gain this year?