Question 34 of 75. Reva originally sold her principal residence in an installment sale for $150,000. Her adjusted basis in the home was $110,000 at that time. Three years later, she repossessed the home from the buyer when the balance of the note was $135,000. She resold it within one year for $160,000. Original sale expenses were $3,750, and resale expenses were $4,000. Repossession costs were $3,800. She incurred $3,200 for improvements prior to the resale. What is Reva's basis in the repossessed property? $113,200 $113,800 $117,750 $124,750

Question 34 of 75. Reva originally sold her principal residence in an installment sale for $150,000. Her adjusted basis in the home was $110,000 at that time. Three years later, she repossessed the home from the buyer when the balance of the note was $135,000. She resold it within one year for $160,000. Original sale expenses were $3,750, and resale expenses were $4,000. Repossession costs were $3,800. She incurred $3,200 for improvements prior to the resale. What is Reva's basis in the repossessed property? $113,200 $113,800 $117,750 $124,750

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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