Based on these facts what is the amount of his recognized, Ask an Expert

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Kevin, a single person age 52, sold his home this year. He had lived in the house for 10 years.

Signed a contract on March 4 to sell his home
Sold May 3 for $202,000
Selling expenses 12,000
Replaced and paid for a broken window on March 2 200
Basis of old home before repairs and improvements 150,000
Purchased new home 180,000

Based on these facts, what is the amount of his recognized (not realized) gain?

A) $40,000

B) $39,800

C) $52,000

D) $-0-

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991794

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