Gilbert purchased a home for $200,000 in 2012. For the last ten years, he has owned and used the home as his principal residence. On July 17, 2022, Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000. What is the amount and character of the recognized gain or loss from the sale on July 17, 2022? Oa. $280,000 long-term capital gain O b. $70,000 long-term capital gain Oc No gain or loss Od. $30,000 long-term capital gain $300,000 long-term capital gain O e
Gilbert purchased a home for $200,000 in 2012. For the last ten years, he has owned and used the home as his principal residence. On July 17, 2022, Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000. What is the amount and character of the recognized gain or loss from the sale on July 17, 2022? Oa. $280,000 long-term capital gain O b. $70,000 long-term capital gain Oc No gain or loss Od. $30,000 long-term capital gain $300,000 long-term capital gain O e
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 45P
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Transcribed Image Text:Gilbert purchased a home for $200,000 in 2012. For the last ten years, he has owned and used the home as his principal residence. On July 17,
2022, Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000.
What is the amount and character of the recognized gain or loss from the sale on July 17, 2022?
O
a. $280.000 long-term capital gain
Ob. $70,000 long-term capital gain
No gain or loss
d. $30,000 long-term capital gain
$300,000 long-term capital gain
DC.
e.
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