Stewart sells his personal res

FratBro23
Category:
Accounting
Price: $5 USD

Question description

Stewart sells his personal residence of 4 years on June 14, 2014 for $185,000. The expense of sale are $15,000, he paid for capital improvement of $3000.00. Stewart purchases and occupies a new residence at a cost of $200,000.

Calculate the gain realized on the sale of Stewart's residence?

How much gain must be recognized on the sale of Stewart residence?

Stewart's basis in the new residence?

Tutor Answer

(Top Tutor) Daniel C.
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School: Boston College
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