Multiple Choice
Jamie bought her house in 2008 for $395,000.Since then,she has deducted $70,000 in depreciation associated with her home office and has spent $45,000 replacing all the old pipes and plumbing.She sells the house on July 1,2016.Her realtor charged $34,700 in commissions.Prior to listing the house with the realtor,she spent $300 advertising in the local newspaper.Sammy buys the house for $500,000 in cash,assumes her mortgage of $194,000,and pays property taxes of $4,200 for the entire year on December 1,2016.What is Jamie's adjusted basis at the date of the sale and the amount realized?
A) $370,000 adjusted basis;$661,400 amount realized.
B) $370,000 adjusted basis;$661,100 amount realized.
C) $370,000 adjusted basis;$665,200 amount realized.
D) $325,000 adjusted basis;$663,200 amount realized.
E) $325,000 adjusted basis;$694,000 amount realized.
Correct Answer:

Verified
Correct Answer:
Verified
Q7: Kevin purchased 5,000 shares of Purple Corporation
Q11: What is the general formula for calculating
Q13: Transactions between related parties that result in
Q30: If a husband inherits his deceased wife's
Q60: Tariq sold certain U.S. Government bonds and
Q79: If insurance proceeds are received for property
Q109: Marsha transfers her personal use automobile to
Q116: Shontelle received a gift of income-producing property
Q178: Hilary receives $10,000 for a 15-foot wide
Q188: Gene purchased an SUV for $45,000 which