This year Luke has calculated his gross tax liability at $1,960. Luke is entitled to a $2,640 nonrefundable personal tax credit, a $1,620 business tax credit, and a $680 refundable personal tax credit. In addition, Luke has had $2,500 of income taxes withheld from his salary.

What is Luke's net tax due or refund?

Luke (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $235,000. He sold the home on January 1, 2022, for $261,700. How much gain must Troy recognize on his home sale in each of the following alternative situations?

1. Luke rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at the time of sale was $7,200.
2. Luke lived in the home as his principal residence from January 1, 2007, through December 31, 2017. He rented out the home from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $5,150.
3. Luke lived in the home as his principal residence from January 1, 2007, through December 31, 2019. He rented out the home from January 1, 2020, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0.
4. Luke rented out the home from January 1, 2007, through December 31, 2017. He lived in the home as his principal residence from January 1, 2018, through December 31, 2018. He rented out the home from January 1, 2019, through December 31, 2019, and lived in the home as his principal residence from January 1, 2020, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0.