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Crank
3 years ago
10

Fran was transferred from Phoenix to Atlanta She sold her Phoenix residence (adjusted basis of $250,000) for a realized gain of

$50,000 and purchased a new residence in Atlanta for $375,000 Fran had owned and lived in the Phoenic residence for 6 years What is Fran's recognized gain or loss on the sale of the Phoenix residence and her basis for the residence in Atlanta?
A. $0 recognized gain/loss; $375,000 basis
B. $0 recognized gain/loss $425,000 basis
C. ($50,000) recognized loss; $325 000 basis
D. ($50,000) recognized loss; $375,000 basis

Business
1 answer:
Vedmedyk [2.9K]3 years ago
8 0

Answer:

A. $0 recognized gain/loss; $375,000 basis

Explanation:

Please see attachment.

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