1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Butoxors [25]
3 years ago
14

Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved into the same house and has

lived there since. If they sell Jerry's house in the current year for $340,000, what is their taxable gain on a joint tax return?
$0
$30,000
$280,000
$155,000
Business
1 answer:
AnnyKZ [126]3 years ago
4 0

Answer:

The correct answer to the following question is option A) $0

Explanation:

Given information  -

House bought 15 years ago by Jerry at - $60,000

Jerry and her wife Debbie sold the house for - $340,000

The realized gain for Jerry and Debbie on the sale of house - $280,000 ( $340,000 - $60,000 )

Jerry and Debbie wants to file joint tax return , and they are allowed an exclusion up to $500,000. Which means if the amount of gain doesn't exceed $500,000, then they won't have to pay tax on this gain.

You might be interested in
Which of the following describes a self-managed team?A. Workers are trained to do all or most of the jobs in the unit.B. Workers
Oksanka [162]

Answer:

A. Workers are trained to do all or most of the jobs in the unit

Explanation:

A self-managed team is a group of employees that's responsible and accountable for all or most aspects of producing a product or delivering a service. Traditional organizational structures assign tasks to employees depending on their specialist skills or the functional department within which they work

7 0
3 years ago
What do bankers take into account when allocating their assets?
WITCHER [35]

When allocating their assets bankers take into account their reserve equipment. Property, plant and equipment is initially measured at its cost, sub­se­quently measured either using a cost or reval­u­a­tion model, and de­pre­ci­ated.

8 0
3 years ago
If protective import-restricting tariffs are imposed by a country, in the majority of cases that nation's consumers end up consu
Wittaler [7]

Answer:

If protective import-restricting tariffs are imposed by a country, in the majority of cases that nation's consumers end up

paying a higher price for the good than they otherwise would.

Explanation:

Import-restricting tariffs increase the cost of goods and services imported from other countries.  Governments have various reasons for making such impositions.  Some claim that the tariffs are imposed to protect local industries or to comply with local content requirements.  However, these restrictions hamper free trade.  They also distort the competitiveness of nations.

3 0
3 years ago
Which of the following savings options pays an interest rate that changes with the market rate of interest?
SashulF [63]

I am pretty sure that the answer is the money market account
5 0
3 years ago
Julie transferred a building with an adjusted basis of $240,000 for another building with a fair market value of $350,000 and $2
NARA [144]

Answer:

$135,000

Explanation:

The realized gain can be calculated as under:

Realized Gain = Market Value received    -   Adjusted Basis

Here

Market Value received is $375,000 (350k + 25k)

Adjusted Basis $240,000

By putting values, we have:

Realized Gain = $375,000 - $240,000 = $135,000

7 0
3 years ago
Other questions:
  • Wilson is offered a job in Kansas City that pays $50,000 and a job in Dallas that pays $60,000. Which pair of CPIs would ensure
    6·1 answer
  • Consider the following items: • Land • Accounts Receivable • Notes Payable (due in three years) • Accounts Payable • Retained Ea
    13·1 answer
  • Ramona bowen was employed as a supervisor for comfort manufacturing. she was the only black supervisor in the plant. the other s
    14·1 answer
  • Coal Train Mines paid $435000 for the right to extract ore from a 225000​-ton mineral deposit. In addition to the purchase​ pric
    15·1 answer
  • You borrow $8000 to buy a car, at an annual interest rate of 6%. Assume interest is compounded continuously. You make monthly pa
    13·1 answer
  • The S&P 500 index delivered a return of 20%, -10%, 20%, and 5% over four successive years.
    13·1 answer
  • In the business world, you need this trait so you can stay ahead of the competition. independence risk-taking self-assurance con
    7·1 answer
  • Documentation is necessary to establish educational accommodations. true or false​
    9·1 answer
  • Oh so you like brainly? Name every rank
    10·2 answers
  • Respond to the following discussion question(s):
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!