Question 39 of 40. Myron originally sold his home for $180,000. At that time, his adjusted basis in the home was $165,000. Six y later, he repossessed the home when the balance of the note was $176,000. He resold it within one year for 5190,000. Original sale expenses were $3,150, and resale expenses were $2,550. Repossession costs were $3 He incurred $2,400 for improvements prior to the resale. What is Myron's recomputed gain? $22,600 O $17,600 $17.450 O $16,850 Mark for follow up Question 40 of 40. Dorothea originally sold her home for $92,000. At that time, her adjusted basis in the home was $95,000. Five y later, she repossessed the home when the balance of the note was $87,000. She resold it within one year for $100,000. Original sale expenses were $1,150, and resale expenses were $1,350. Repossession costs were $2.9 She incurred $1,100 for improvements prior to the resale. What is Dorothea's recomputed gain? O $600 O $1,100 $2.350 $3,500 Mark for follow up Question 38 of 40. Generally, the recomputed adjusted basis of a repossessed residence may require one of the following adjustments. Subtraction of debt secured by residence that original buyer incurred and did not owe to the seller after the origina sale. Subtraction of debt secured by residence that original buyer incurred and owed to the seller after the original sale Addition of debt secured by residence that original buyer incurred and did not owe to the seller after the originals Addition of debt secured by residence that original buyer incurred and owed to the seller after the original sale. Mark for follow up Back Save / Return Later Summary Next >> Question 40 of 40. Dorothea originally sold her home for $92,000. At that time, her adjusted basis in the home was $95.000. Five years later, she repossessed the home when the balance of the note was $87,000. She resold it within one year for $100,000. Original sale expenses were 51.150, and resale expenses were $1,350. Repossession costs were $2.000 She incurred $1,100 for improvements prior to the resale. What is Dorothea's recomputed gain? O $600 O $1,100 $2,350 $3,500 Mark for follow up Question 35 of 40. 4ool When a repossessed residence meets the special rule requirements, the amount realized on the combined sale and resale is the The resale price minus the original sales expenses, resale sales expenses, and face value of the original buyer's note on the repossession date. The resale price plus the original sales expenses, resale sales expenses, and face value of the original buyer's note on the repossession date. The original sales price plus the resale sales price, minus the original sales expenses, resale sales expenses, and face value of the original buyer's note on the repossession date. The original sales price plus the original sales expenses, resale sales expenses, and face value of the original buyer's note on the repossession date minus the resale sales price. Mark for follow up Question 39 of 40. Myron originally sold his home for $180,000. At that time, his adjusted basis in the home was $165.000. Six years later, he repossessed the home when the balance of the note was $175,000. He resold it within one year for 5190.000. Original sale expenses were 53.150, and resale expenses were $2.550. Repossession costs were $3.300. He incurred $2,400 for improvements prior to the resale. What is Myron's recomputed gain? $22,600 $17.600 $17.450 $16.850 Mark for follow up Question 37 of 40. Generally, the recomputed adjusted basis of a repossessed residence is determined by the adjusted basis Al the time of the original sale plus or minus any adjustments prior to the repossession Al the time of the original sale without regard to any adjustments after the repossession Al the time of the resale plus or minus any adjustments prior to the repossession Al the time of the resale plus or minus any adjustments after the repossession Mark for follow up Question 36 of 40 Reva originally sold her home for $150.000. Her adjusted basis in the home was $110,000 at that time. Three years later, she repossessed the home 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 recomputed adjusted basis? O $113,200 O $113.750 O $113,800 O $114,000 Mark for follow up Question 34 of 40. Opal originally sold her home on August 15, 2011, for $280,000, and excluded a portion of the gain. The buyer defaulted in August 2016, so she repossessed it February 28, 2017. when the balance of the note was $245,400 Opal resold the house for $256.700 on November 26, 2017. Original sale expenses were $7,020. Resale expenses were $6.410. Repossession costs were $9.850. The recomputed amount realized is $245,400 $256.700 $268,680 $268.820 Mark for follow up Question 33 of 40. When a repossessed residence meets the special rule requirements, the repossession costs include the amount of third-party mortgage debt assumed by the original buyer that is: Excluded on the date of the repossession and reassumed or paid by the buyer Excluded on the date of the repossession and reassured or paid by the seller Outstanding on the date of the repossession and reassured or paid by the buyer Outstanding on the date of the repossession and reassumed or paid by the seller. Mark for follow up Question 38 of 40. Generally, the recomputed adjusted basis of a repossessed residence may require one of the following adjustments Subtraction of debt secured by residence that original buyer incurred and did not owe to the seller after the original sale Subtraction of debt secured by residence that original buyer incurred and owed to the seller after the original sale Addition of debt secured by residence that original buyer incurred and did not owe to the seller after the original sale Addition of debt secured by residence that original buyer incurred and owed to the seller after the original sale Mark for follow up Back Save / Return Later Summary Next > Question 39 of 40. Myron originally sold his home for $180,000. At that time, his adjusted basis in the home was $165,000. Six y later, he repossessed the home when the balance of the note was $176,000. He resold it within one year for 5190,000. Original sale expenses were $3,150, and resale expenses were $2,550. Repossession costs were $3 He incurred $2,400 for improvements prior to the resale. What is Myron's recomputed gain? $22,600 O $17,600 $17.450 O $16,850 Mark for follow up Question 40 of 40. Dorothea originally sold her home for $92,000. At that time, her adjusted basis in the home was $95,000. Five y later, she repossessed the home when the balance of the note was $87,000. She resold it within one year for $100,000. Original sale expenses were $1,150, and resale expenses were $1,350. Repossession costs were $2.9 She incurred $1,100 for improvements prior to the resale. What is Dorothea's recomputed gain? O $600 O $1,100 $2.350 $3,500 Mark for follow up Question 38 of 40. Generally, the recomputed adjusted basis of a repossessed residence may require one of the following adjustments. Subtraction of debt secured by residence that original buyer incurred and did not owe to the seller after the origina sale. Subtraction of debt secured by residence that original buyer incurred and owed to the seller after the original sale Addition of debt secured by residence that original buyer incurred and did not owe to the seller after the originals Addition of debt secured by residence that original buyer incurred and owed to the seller after the original sale. Mark for follow up Back Save / Return Later Summary Next >> Question 40 of 40. Dorothea originally sold her home for $92,000. At that time, her adjusted basis in the home was $95.000. Five years later, she repossessed the home when the balance of the note was $87,000. She resold it within one year for $100,000. Original sale expenses were 51.150, and resale expenses were $1,350. Repossession costs were $2.000 She incurred $1,100 for improvements prior to the resale. What is Dorothea's recomputed gain? O $600 O $1,100 $2,350 $3,500 Mark for follow up Question 35 of 40. 4ool When a repossessed residence meets the special rule requirements, the amount realized on the combined sale and resale is the The resale price minus the original sales expenses, resale sales expenses, and face value of the original buyer's note on the repossession date. The resale price plus the original sales expenses, resale sales expenses, and face value of the original buyer's note on the repossession date. The original sales price plus the resale sales price, minus the original sales expenses, resale sales expenses, and face value of the original buyer's note on the repossession date. The original sales price plus the original sales expenses, resale sales expenses, and face value of the original buyer's note on the repossession date minus the resale sales price. Mark for follow up Question 39 of 40. Myron originally sold his home for $180,000. At that time, his adjusted basis in the home was $165.000. Six years later, he repossessed the home when the balance of the note was $175,000. He resold it within one year for 5190.000. Original sale expenses were 53.150, and resale expenses were $2.550. Repossession costs were $3.300. He incurred $2,400 for improvements prior to the resale. What is Myron's recomputed gain? $22,600 $17.600 $17.450 $16.850 Mark for follow up Question 37 of 40. Generally, the recomputed adjusted basis of a repossessed residence is determined by the adjusted basis Al the time of the original sale plus or minus any adjustments prior to the repossession Al the time of the original sale without regard to any adjustments after the repossession Al the time of the resale plus or minus any adjustments prior to the repossession Al the time of the resale plus or minus any adjustments after the repossession Mark for follow up Question 36 of 40 Reva originally sold her home for $150.000. Her adjusted basis in the home was $110,000 at that time. Three years later, she repossessed the home 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 recomputed adjusted basis? O $113,200 O $113.750 O $113,800 O $114,000 Mark for follow up Question 34 of 40. Opal originally sold her home on August 15, 2011, for $280,000, and excluded a portion of the gain. The buyer defaulted in August 2016, so she repossessed it February 28, 2017. when the balance of the note was $245,400 Opal resold the house for $256.700 on November 26, 2017. Original sale expenses were $7,020. Resale expenses were $6.410. Repossession costs were $9.850. The recomputed amount realized is $245,400 $256.700 $268,680 $268.820 Mark for follow up Question 33 of 40. When a repossessed residence meets the special rule requirements, the repossession costs include the amount of third-party mortgage debt assumed by the original buyer that is: Excluded on the date of the repossession and reassumed or paid by the buyer Excluded on the date of the repossession and reassured or paid by the seller Outstanding on the date of the repossession and reassured or paid by the buyer Outstanding on the date of the repossession and reassumed or paid by the seller. Mark for follow up Question 38 of 40. Generally, the recomputed adjusted basis of a repossessed residence may require one of the following adjustments Subtraction of debt secured by residence that original buyer incurred and did not owe to the seller after the original sale Subtraction of debt secured by residence that original buyer incurred and owed to the seller after the original sale Addition of debt secured by residence that original buyer incurred and did not owe to the seller after the original sale Addition of debt secured by residence that original buyer incurred and owed to the seller after the original sale Mark for follow up Back Save / Return Later Summary Next >