Alce bought his principal residence for 175000 on june 5, Ask an Expert

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Alce bought his principal residence for $175,000 on June 5, 2016. He sold it on July 18, 2016. for $205,000. Assumingno adjustments to basis, what is the amount and character of Alec's gain?

a) long term, ordinary fain of $30,000.

b) long term, capital gaing on $30,000

c) short term, ordinary gain of $30,000

d) shor term, capital gaing of $30,000

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92437182

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