Use the following data to determine the sales price of Etta's principal residence and the realized gain.She is not married.The sale of the old residence qualifies for the § 121 exclusion.
Selling expenses
$ 45,000
Recognized gain
180,000
Cost of new residence
760,000
Adjusted basis of old residence
225,000
§ 121 exclusion
250,000

Question

Quizplus · Accepted Answer

The Answer of Use the following data to determine the sales price of Etta's principal residence and the realized gain.She is not married.The sale of the old residence qualifies for the § 121 exclusion.
Selling expenses
$ 45,000
Recognized gain
180,000
Cost of new residence
760,000
Adjusted basis of old residence
225,000
§ 121 exclusion
250,000

Use the Following Data to Determine the Sales Price of Etta's