30 May ACCT 324 Week 6 Homework
36. LO.1, 2 Which of the following results in a recognized gain or loss?
b. Adam sells his personal residence (adjusted basis of $150,000) for $100,000.
c. Carl’s personal residence (adjusted basis of $65,000) is condemned by the city. He receives condemnation proceeds of $55,000.
d. Olga’s land is worth $40,000 at the end of the year. She had purchased the land six months earlier for $25,000.
Chapter 15
53. LO.4 Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2013, at a price of $390,000. He rejected several offers in the $350,000 range during the summer. Finally, on August 16, 2013, he and the purchaser signed a contract to sell for $363,000. The sale (i.e., closing) took place on September 7, 2013. The closing statement showed the following disbursements:
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