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Alenkasestr [34]
2 years ago
11

Charlotte purchases a residence for $105,000 on April 13, 2010. On July 1, 2018, she marries Howard and they use Charlotte's hou

se as their principal residence. On May 12, 2020, they sell their home for $390,000, incurring $20,000 of selling expenses, and they purchase another residence costing $350,000. What is their realized and recognized gain?
Realized Recognized
a. $265,000 $15,000
b. $265,000 $45,000
c. $265,000 $ 0
d. $285,000 $65,000
e. $285,000 $ 0
Business
1 answer:
Maru [420]2 years ago
6 0

Answer: A. $265,000 $15,000

Explanation:

Their realized and recognized gain will be calculated as:

Realized gain will be gotten as:

= Sale value of home - Purchase value of home - selling expenses

= $ 390,000 - $105,000 - $20,000

= $265,000

Also, the recognized gain equals to $15,000. Therefore, the correct option is A "$265,000 $15,000".

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