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On February 1, Alan, a single individual, purchased his first personal residence for $400,000. On July 1, Alan sold this residence for $460,000 because he accepted a new job in another state. Consequently, Alan occupied the home for only 150 days. How much gain must Alan recognize

Respuesta :

Cricetus

Answer:

The correct answer is "$8630".

Explanation:

Given:

Residence purchased,

= $400,000

Residence sold,

= $460,000

Alan qualifies,

= [tex]250000\times \frac{150}{730}[/tex]

= [tex]\frac{37500000}{730}[/tex]

= [tex]51370[/tex] ($)

hence,

The gain will be:

= [tex]60000-51370[/tex]

= [tex]8630[/tex] ($)

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