What amount of the gain is ethan allowed

Assignment Help Financial Accounting
Reference no: EM132990305

Problem 1: Ethan (single) purchased his home on July 1, 2008. He lived in the home as his principal residence until July 1, 2015 when he moved out of the home and rented it out until July 1, 2017 when he moved back into the home. On July 1, 2018 he sold the home and realized a $212,500 gain. What amount of the gain is Ethan allowed to exclude from his 2018 gross income?

Option 1: $0.
Option 2: $170,000.
Option 3: $202,500.
Option 4: $212,500.

Reference no: EM132990305

Questions Cloud

Conducting formal hazard analysis : Compare the multiple factors theory and the energy theory, and discuss the advantages of each in conducting a formal hazard analysis.
How much of the gain may jamie exclude from gross income : On November 1, year 1, Jamie (who is single) purchased. How much of the gain, if any, may Jamie exclude from her gross income in year 2?
What is the maximum amount can contribute to an individual : If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?
Safety of contract or temporary workers in workplace : Think about how you would ensure the safety of contract or temporary workers in your workplace.
What amount of the gain is ethan allowed : On July 1, 2018 he sold the home and realized a $212,500 gain. What amount of the gain is Ethan allowed to exclude from his 2018 gross income?
What amount of the gain is michael allowed to exclude : On July 1, 2018 he sold the home and realized a $327,500 gain. What amount of the gain is Michael allowed to exclude from his 2018 gross income?
What is the maximum amount of the interest expense jessica : What is the maximum amount of the $35,600 interest expense Jessica paid during 2019 may she deduct as an itemized deduction?
Analyzing ip uslng wireshark : Analyzing IP uslng Wireshark - analyze protocols and packets with less instructions provided
Analyze differentiation in diversity for selected population : Explain and describe what would peak a clinical social workers' interest in this group. Analyze differentiation in diversity for the selected population.

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much can be claimed as a deduction for the income year

How much can be claimed as a deduction for the income year ended at 30 June 2017, 2018 and 2019 respectively? You are required to show all the working.

  Make an events apply to lewis and harper

Make an events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period. Performed $58,000 of services for cash.

  Describe three essential characteristics of a derivative

Describe three essential characteristics of a derivative financial instrument. Volatile Investor Ltd has a diversified portfolio of shares.

  What are the percent of sales method

What are the Percent of Sales Method? Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

  How much did larry save

At age 65 and make withdrawals from IRA. 8 % annual rate IRA grows. How much did Larry save from 32-65yrs old. No inflation or taxes included

  What is the value of the option to expand

What is the value of the option to expand? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

  Prepare monthly master budget for dronezone for the year

As part of the continued advancement of technology, Prepare monthly master budget for DroneZone for the year ending December 31, 2020.

  Determine the gross profit per pound

In the five years that the lamb store has been in existence, their best year ever was selling 200,000 pounds in 2015; Determine the gross profit per pound

  Demonstrate to jason the ledger accounts

Demonstrate to Jason the ledger accounts (T-Ledger, double entry format) for the above unrelated transactions and also show any reversals as at 1 July

  Review the national health care billing audit guidelines

Review the National Health Care Billing Audit Guidelines. describe the Billing Audit Guidelines

  Equipment used in business is sold at recognized gain

If depreciable equipment used in a business is sold at a recognized gain on July 10, 2016, and was purchased on August 21, 2015 does 1245 depreciation recapture apply to this asset? Explain.

  When does a right of set-off exist

Parent Ltd owes an outside organisation, Outsider Ltd, an amount of $400 000. Outsider Ltd owes A Ltd $300 000. Can the two amounts be offset?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd