reva originally sold her principal residence in an installment sale for $150,000. he 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 cost were $3,800 she incurred $3,200 for improvements prior to the resale.what is revas base in the repossessed property?
reva originally sold her principal residence in an installment sale for $150,000. he 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 cost were $3,800 she incurred $3,200 for improvements prior to the resale.what is revas base in the repossessed property?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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reva originally sold her principal residence in an installment sale for $150,000. he 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 cost were $3,800 she incurred $3,200 for improvements prior to the resale.what is revas base in the repossessed property?
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