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Frank,a Single Person Age 52,sold His Home This Year

Question 107

Multiple Choice

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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