Answer:
correct option is C. $250,000
Explanation:
given data
sold the home and gain = $300,000
to find out
amount of the gain allowed to exclude from gross income
solution
we know that Michael owned the property for the 10 years
so here Michael is not allowed to exclude the gain = 10 % that is $30,000
and The maximum gain exclusion permitted = $250000
so here Michael will recognize $50,000 because amount exceed $250,000 for a single taxpayer and exclusion of gain on sales of property tax payer need to own and occupy the property as principle residence for the 2 out of 5 year immediately preceding the sales
so here correct option is C. $250,000
Stick to the regular risk and not the new one
Answer:
The answer is: A) Is the law rationally related to a legitimate government interest?
Explanation:
A legitimate government interest applies when a government (in this case municipal government) passes a law to protect the health, safety, and economy of it's citizens.
This law will probably be reviewed using a rational basis, which is the least strict type of legal scrutiny.
I believe the answer is -A!
Have a Warm and Wonderful Day!!
