Tax 3300-Final A 12/20/2017 Karen's recognized shares purchased 2 gain or loss on the sale of the stock, and what is her basis in the 800 5 days earlier? a. $10,000 b. $0 c $0 d $0 recognized loss, $90,000 basis in new stock e None of the above loss, $30,000 basis in new stock loss, $30,000 basis in new stock loss, $40,000 basis in new stock 41 Dan sells property with an adjusted basis of $90,000 to his daughter Bridget for $76,000 later, Vincent sells the property to Henry, an unrelated party, for $100,000. What is Vincents sells the property to her brother, Vincent, for $76,000. Three years gain or loss on the sale of the property to Henry? a. $0 b $10,000 c. $24,000 d ($10,000) e. None of the above Lenny and Beverly have been married and living together in Lenny's home for 8 years He lived in the home alone for 20 years prior to their has an adjusted basis of $120,000, for $700,000. They incurred $10,000 in selling They sell the home, which (exclusion of gain on sale marnage. Dan's Lenny and Beverly plan to use the 121 seven years of marriage. They had lived in Dan's house sale had one year prior to the divorce. Lenny and Beverly purchase a one month after the sale. What is the gain and basis for the new home? a $O: $150,000 b $70,000; $150,000 c $70,000 e. None of the above her friend Linda, a bedroom set as a g Cheryl's adjusted basis was far market value on the date of the gift was $7,500 Unda dd not need $10,000 and the the bedroom set sold it to a neighbor for $5.000. What is her b ($2,500) (35,000) d. $5.000 6. None of the above The buiing has an arental buking in a 1031 laeknd exchange receives $100.000 in cash as boot What value of $700,000. In addition, Pam also or loss and the basis of the investment land? b $100,000 and $420,000 c $100,000 and $520,000 d $280,000 and $700,000 e None of the above