On august 5 2011 tanner sold the house for 570000. tanner, Ask an Expert

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Tanner, who is single, purchased a house on April 15, 1998 for $215,000. During the time Tanner owned the house, he installed a swimming pool at a cost of $21,000 and replaced the deck at a cost of $18,000. On August 5, 2011, Tanner sold the house for $570,000. Tanner paid a sales commission of $30,000 and legal fees of $800 connected with the sale of the house. What is Tanner's recognized gain on the sale of the house?

a) $0
b) $35,200
c) $250,000
d) $285,200

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9405862

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