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Augustus1 Augustus1
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7 years ago
On May 1 of this year, Ingrid sold her personal residence for $250,000. Commissions on the sale were $20,000.  Ingrid also incurred $10,000 of costs for painting and repairs, which were all completed and paid for two weeks prior to the sale of her home. Ingrid's basis in her old home was $180,000. On June 1 of the current year, Ingrid purchased a new home for $200,000. On November 1 of the current year, a new garage was completed at a cost of $20,000. Finally, on March 1, twenty-two months later, a new wing to the house was completed at a cost of $40,000. Ingrid's realized (not recognized) gain upon the sale of her first home is
A) $ -0-.
B) $45,000.
C) $50,000.
D) $60,000.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
Your explanation helped, amazing amazing!
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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