John sold a house during 2022. He owned the home, and used it as his primary residence, for the past 25 years. He purchased the home for $125,000 and sold it for $645,000. John is married and files a joint return with his spouse. How much gain must John include in his gross income related to this sale? Group of answer choices $0 $20,000 $520,000 $145,000 3. Grace works for Tetra Tech. She is currently working towards her MBA degree. Tetra Tech gave Grace $10,000 during 2022 as a fringe benefit to cover the cost of her MBA tuition. How much of this benefit must Grace include in her gross income? Group of answer choices $0 $4,750 $5,250
John sold a house during 2022. He owned the home, and used it as his primary residence, for the past 25 years. He purchased the home for $125,000 and sold it for $645,000. John is married and files a joint return with his spouse. How much gain must John include in his gross income related to this sale? Group of answer choices $0 $20,000 $520,000 $145,000 3. Grace works for Tetra Tech. She is currently working towards her MBA degree. Tetra Tech gave Grace $10,000 during 2022 as a fringe benefit to cover the cost of her MBA tuition. How much of this benefit must Grace include in her gross income? Group of answer choices $0 $4,750 $5,250
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 1CPA
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2. John sold a house during 2022. He owned the home, and used it as his primary residence, for the past 25 years. He purchased the home for $125,000 and sold it for $645,000. John is married and files a joint return with his spouse. How much gain must John include in his gross income related to this sale?
Group of answer choices
$0
$20,000
$520,000
$145,000
3. Grace works for Tetra Tech. She is currently working towards her MBA degree. Tetra Tech gave Grace $10,000 during 2022 as a
Group of answer choices
$0
$4,750
$5,250
$10,000
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