kong originally sold his home for $96,000. at that time, his adjusted kong originally sold his...
kong originally sold his home for $96,000. at that
time, his adjusted
kong originally sold his home for 96000. at that time
his adjusted basis in the home was 99000. five years later, he
repossessed the home when the balance of the note was 91000. he
resold it within one year for 105000. original sale expenses were
1250, and resale expenses were 1550. repossession costs were 3200.
he incurred 1000 for improvements prior to the resale. what is
kongs recompiled gain?
Homework Answers
Answer:Calculating Kongs recompiled gain.
| Particulars | Amounts |
| Initial Sale price of Home | $96,000 |
| Adjusted Cost of Home | ($99,000) |
| Original Sale Expenses | ($1,250) |
| Loss from 1st time sale | $4,250 |
| Resold Sale price of Home | $1,05,000 |
| Repossessed Cost of Home | ($91,000) |
| Improvements Costs prior to Resale | ($1,000) |
| Repossession Costs | ($3,200) |
| Resale Expenses | ($1,550) |
| Gain from Resale of Home | $8,450 |
| Loss from 1st time sale | ($4,250) |
| Gain from Resale of Home after setoff loss from previous sale | $4,200 |
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