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Which of the following results in a recognized gain or loss?

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Which of the following results in a recognized gain or loss?;a. Kay sells her vacation cabin (adjusted basis of $100,000) for $150,000;b. Adam sells his personal residence (adjusted basis of $150K) for $100K;c. Carl's personal residence (adjusted basis of $65K) is condemned by the city. He receives condemnation proceeds of $55k.;d. Olga's land is worth $40K at the end of the year. She had purchased the land six months earlier for $25K.;e. Vera's personal vehicle (adjusted basis of $22K) is stolen. She received $23K from the insurance company and does not plan to replace the automobile.;f. Jerry sells used clothing (adjusted basis of $500) to a thrift store for $50.

 

Paper#25411 | Written in 18-Jul-2015

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