Question 34 of 75. Reva 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 resold it within one year for $160,000. Original sale expenses were $3,750, and resale expenses were $4,000. Repossession costs were $3,800. She incurred $3,200 for improvements prior to the resale. What is Reva's basis in the repossessed property? $113,200 $113,800 $117.750 $124,750 Question 45 of 75. The income and expenses of a corporation for federal income tax purposes are referred to as what type of income? Book income Nontaxable income. Accounting income. O Tax income DOO Mark for follow up Next >> Back Summary Save / Return Later