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Frank, a Single Person Age 52, Sold His Home This

Question 91

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Frank, a single person age 52, sold his home this year. He had lived in the house for 10 years. He signed a contract on March 4 to sell his home and closed the sale on May 3. Frank, a single person age 52, sold his home this year. He had lived in the house for 10 years. He signed a contract on March 4 to sell his home and closed the sale on May 3. Based on these facts, what is the amount of his recognized gain? A) $0 B) $39,800 C) $40,000 D) $52,000 Based on these facts, what is the amount of his recognized gain?


A) $0
B) $39,800
C) $40,000
D) $52,000

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