Business, 17.03.2020 20:58 leahstubbs

Does each of the following scenarios result in a recognized gain or loss, and how much is the gain or loss?

a. Kay sells her vacation cabin (adjusted basis of $100,000) for $150,000.
The recognized SelectgainlossCorrect 1 of Item 1 is $.

b. Adam sells his personal residence (adjusted basis of $150,000) for $100,000.
There is a realized SelectlossgainCorrect 1 of Item 2 of $ that Selectis not deductibleis deductibleis taxableCorrect 3 of Item 2.

c. Carl's personal residence (adjusted basis of $65,000) is condemned by the city. He receives condemnation proceeds of $55,000.
There is Selecta recognized lossan unrecognized lossCorrect 1 of Item 3 of $.

d. Olga's land is worth $40,000 at the end of the year. She had purchased the land six months earlier for $25,000.
In this case, there is Selecta recognized gaina recognized lossno gain or lossCorrect 1 of Item 4.

e. Vera's personal vehicle (adjusted basis of $22,000) is stolen. She receives $23,000 from the insurance company and does not plan to replace the automobile.
The recognized SelectgainlossCorrect 1 of Item 5 is $.

f. Jerry sells used clothing (adjusted basis of $500) to a thrift store for $50.
There is Selecta recognized lossan unrecognized lossCorrect 1 of Item 6 of $.

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