Chapter 16, Problem 16.3P

Suppose that $12,000 is borrowed now at 12% interest per year. A partial repayment of $4,000 is made five years from now. The amount that will remain to be paid then is most nearly: correct Answer

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Olivia, single and age 58, sold her home for $485,000 after living there for 10 years. Her selling expenses were $9,000 and her adjusted basis in the home was $200,000. What is the maximum gain that Olivia must report in connection with the sale of her principal residence? HELP

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Olivia, single and age 58, sold her home for $485,000 after living there for 10 years. Her selling expenses were $9,000 and her adjusted basis in the home was $200,000. What is the maximum gain that Olivia must report in connection with the sale of her principal residence?