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lana [24]
3 years ago
15

"Ethan (single) purchased his home on July 1, 2009. He lived in the home as his principal residence until July 1, 2016, when he

moved out of the home, and rented it out until July 1, 2018, when he moved back into the home. On July 1, 2019, he sold the home and realized a $210,000 gain. What amount of the gain is Ethan allowed to exclude from his gross income"
Business
1 answer:
melisa1 [442]3 years ago
7 0

168,000 is amount of the gain is Ethan allowed to exclude from his gross income

Solution:

Ethan's post 2009 non-qualified use is 2 years.

He owned the property for 10 years so he is not allowed to exclude 20% of the gain

= $210,000 × 20% = $42,000

He is allowed to exclude = ($210,000 - $42,000)

                                          = $168,000

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Answer:

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To record opening balances of the General Fund.

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Estimated Revenue                         $1,230,000

To record the estimated revenue for the year.

General Government  $1,227,400

Accounts Payable                            $1,227,400

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Other revenue receivable $315,000

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Cash Account                  $1,182,500

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less Expenditure:

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Taxes Receivable           237,000

Total assets                 $420,000

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Other revenue                 297,500

Ending balance             $237,000

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Beginning balance        $52,500

Other expenditure        963,500

Contracts                        95,250

Less payments           1,092,500

Ending balance              $18,750

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