Problem 14-43 (LO 14-2) (Static) [The following information applies to the questions displayed below.] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) Note: Leave no answer blank. Enter zero if applicable. Problem 14-43 Part b (Static) b. Sarah used the property as a vacation home through December 31, 2020. She then used the home as her principal residence from January 1, 2021, until she sold it on January 1, 2024. Note: Round intermediate percentage computation to 2 decimal places. Gain recognized

Problem 14-43 (LO 14-2) (Static) [The following information applies to the questions displayed below.] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) Note: Leave no answer blank. Enter zero if applicable. Problem 14-43 Part b (Static) b. Sarah used the property as a vacation home through December 31, 2020. She then used the home as her principal residence from January 1, 2021, until she sold it on January 1, 2024. Note: Round intermediate percentage computation to 2 decimal places. Gain recognized

CONCEPTS IN FED.TAX.,2020-W/ACCESS

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ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter12: Nonrecognition Transactions

Section: Chapter Questions

Problem 37P

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Required information [The following information applies to the questions displayed below.] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) Note: Leave no answer blank. Enter zero if applicable. b. Sarah used the property as a vacation home through December 31, 2020. She then used the home as her principal residence from January 1, 2021, until she sold it on January 1, 2024. Note: Round intermediate percentage computation to 2 decimal places. Gain recognized $ 162,500
Required information [The following information applies to the questions displayed below] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) (Leave no answer blank. Enter zero if applicable.) c. Sarah used the home as a vacation home from January 1, 2008, until January 1, 2019. She used the home as her principal residence from January 1, 2019, until she sold it on January 1, 2020. Gain recognized
! Required information [The following information applies to the questions displayed below.] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) Note: Leave no answer blank. Enter zero if applicable. d. Sarah used the home as a vacation home from January 1, 2008, through December 31, 2017. She used the home as her principal residence from January 1, 2018, until she sold it on January 1, 2024. Note: Round intermediate percentage computation to 2 decimal places. Gain recognized $ 0
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! Required information Problem 14-43 (LO 14-2) (Static) [The following information applies to the questions displayed below.] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) (Leave no answer blank. Enter zero if applicable.) Problem 14-43 Part d (Static) d. Sarah used the home as a vacation home from January 1, 2008, through December 31, 2015. She used the home as her principal residence from January 1, 2016, until she sold it on January 1, 2022. (Round intermediate percentage computation to 2 decimal places.) Gain recognized
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Required information [The following information applies to the questions displayed below.] Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $300,000. He sold the home on January 1, 2021, for $320,000. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) a. Troy rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at the time of sale was $7,000. Recognized gain
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