49.   LO.1, 2  Which of the following results in a recognized gain or loss?

a.      Kay sells her vacation cabin (adjusted basis of $100,000) for $150,000.

b.     Adam sells his personal residence (adjusted basis of $150,000) for $100,000.

c.      Carl’s personal residence (adjusted basis of $65,000) is condemned by the city. He receives condemnation procceds of $55,000.

d.     Olga’s land is worth $40,000 at the end of the year. She had purchased the land  six months earlier for  $25,000.

e.      Vera’s  personal  vehicle  (adjusted  basis  of  $22,000)  is  stolen.  She receives

$23,000 from the insurance company and does not plan to replace the automobile.

f.      Jerry sells used clothing (adjusted basis of $500) to a thrift store for $50.

 

 

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Status NEW Posted 10 May 2017 12:05 PM My Price 6.00

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