Section 11 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 O Excluded on the date of the repossession and reassumed or paid by the buyer. Excluded on the date of the repossession and reassumed or paid by the seller. O Outstanding on the date of the repossession and reassumed or paid by the buyer. Outstanding on the date of the repossession and reassumed or paid by the seller. Mark for follow up Question 34 of 40. Opal originally sold her home on August 15, 2011 for $280.800 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 rosold the house for $256.700 on November 26, 2017. Original sale expenses were $7,020. Resale expenses were $6,410. Repossession costs were 59,850. 280, 800 245460 The recomputed amount realized is: O $245,400 O $256,700 $268,680 $268,820 Mark for follow up 35, 400 245, 9,8 255 25 280,-800 2020 2 80, 8000 25700 537507 287,820 268, 6 Question 35 of 40. When a repossessed residence meets the special rule requirements, the amount realized on the combined sale and resale is the: O 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 orainal 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 Summary Next > Back Save / Return Later Section 11 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 O Excluded on the date of the repossession and reassumed or paid by the buyer. Excluded on the date of the repossession and reassumed or paid by the seller. O Outstanding on the date of the repossession and reassumed or paid by the buyer. Outstanding on the date of the repossession and reassumed or paid by the seller. Mark for follow up Question 34 of 40. Opal originally sold her home on August 15, 2011 for $280.800 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 rosold the house for $256.700 on November 26, 2017. Original sale expenses were $7,020. Resale expenses were $6,410. Repossession costs were 59,850. 280, 800 245460 The recomputed amount realized is: O $245,400 O $256,700 $268,680 $268,820 Mark for follow up 35, 400 245, 9,8 255 25 280,-800 2020 2 80, 8000 25700 537507 287,820 268, 6 Question 35 of 40. When a repossessed residence meets the special rule requirements, the amount realized on the combined sale and resale is the: O 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 orainal 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 Summary Next > Back Save / Return Later
