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Tommy originally sold his home in a seller-financed transaction on October 30, 2016, for $350,000, and he excluded a portion of the gain. The
Tommy originally sold his home in a seller-financed transaction on October 30, 2016, for $350,000, and he excluded a portion of the gain. The buyer defaulted in August 2020, so he repossessed it on January 10, 2021, when the balance of the note was $340,000. Tommy resold the house for $345,000 on September 22, 2021. Original sale expenses were $7,000. Resale expenses were $6,000. Repossession costs were $8,000. What is the recomputed amount realized? $334,000 $341,000 $345,000 $347.000
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