What is her realized and recognized gain

Assignment Help Accounting Basics
Reference no: EM132161423

Question - Carlotta moved into a smaller home ten months ago, after her husband died. She sold the home that they had lived in together for fifteen years and elected Section 121 so she would not have to recognize the $150,000 of gain on that home. She then purchased the smaller home for $210,000. She is unhappy in the neighborhood after living there for 10 months and wants to move again. If she sells the home for $235,000, what is her realized and recognized gain? How would your answer change if Carlotta were forced to move into a nursing home because of her health?

Reference no: EM132161423

Questions Cloud

How you view your strengths and weaknesses : The purpose of this assignment is to provide students with an opportunity to reflect on their personal leadership styles at the beginning of the class.
Change the composition of a board of directors : Do you think that most shareholders even research the board of directors of a given company before they make the decision to invest and become a shareholder?
What are three strategies leaders : What are three strategies leaders can use to inspire their staff to put ethical values into practice?
What do you think the logical underpinnings of the law : Do you think that a distinction should be drawn between religion and the other classes protected by the 1964 CRA, on grounds of mutability?
What is her realized and recognized gain : Carlotta moved into a smaller home ten months ago, after her husband died. If she sells the home for $235,000, what is her realized and recognized gain
What industries or businesses come to mind : Are certain industries subject to more regulatory oversight and risk than others? If not, why not? If so, what industries or businesses come to mind?
Discuss three mistakes you have experienced or witnessed : 1) Discuss three mistakes you have experienced or witnessed in the workplace.
Prepare all necessary adjusting journal entries : April depreciation for the delivery van is $217. Prepare all necessary adjusting journal entries. If required, round your answer to the nearest dollar
What are the goals of employee selection : Compare and contrast two selection methods and discuss how they impact the achievement of organizational objectives.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the five components of internal control

How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with being a separate entity?

  Columbia enterprises is studying the replacement of some

columbia enterprises is studying the replacement of some equipment that originally cost 74000. the equipment is

  Find the actual labor rate per hour

Labor Variances Ellen Chenoweth, the manager of the city of St. Paul road maintenance shop, uses standards to judge performance.

  Benny purchased 400000 of peach corporation face value

benny purchased 400000 of peach corporation face value bonds for 320000 on november 13 2012. the bonds had been issued

  Prepare the income statement for the year ended december

Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2011

  Prepare adjusting entries for the given transactions

Prepare adjusting entries for the following transactions. Unearned service revenue of $4,000 was collected in advance. By year end $700 was still unearned

  An investment project costs 17900 and has annual cash flows

an investment project costs 17900 and has annual cash flows of 3600 for 6 years. enter 0 when there is no payback

  Analyse the links between management accounting

Analyse the links between management accounting, customers, suppliers and sources of external information and assess what is relevant to business decision-making

  Grant wood company manufacturers desks most of the companys

grant wood company manufacturers desks. most of the companys desks are standard models and are sold on the basis of

  Prepare functional income statement using absorption costing

Glendale Company sells its product at a unit price of $12.00. Prepare a functional income statement using absorption costing

  During 2010 raines umbrella corp had sales of 740000 cost

during 2010 raines umbrella corp. had sales of 740000. cost of goods sold administrative and selling expenses and

  Do you favour anti gouging laws as a means

Do you favour anti-gouging laws as a means of protecting consumers from high prices following natural disasters, such as Hurricane Katrina in New Orleans?

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