Dorothea's recomputed gain
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 20MCQ
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Dorothea originally sold her home for 92000. At that time her adjusted basis in the home was 95000. Five years later she repossessed the home when the balance of the note was 87000. She resold it within on year for 100000. Original sale expenseses were 1150 and resale expenses were 1350. Repossession costs were 2900. She incurred 1100. for improvements prior to the resale. What is Dorothea's recomputed gain
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