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Albert purchased a tract of land for 1and for 140000 in 2005 when he heard that a new highway was going to be constucted through the property and...

Albert purchased a tract of land for 1and for 140000 in 2005 when he heard that a new highway was going to be constucted through the property and that the land would soon be worth 200000. highway enginerrs surveyed the property and indiicated he would probably get 180000. the highway project was abandoned in 2009 and the value of the land fell to 100000. what amount of loss can alber claim in 2009?
a.40000
b.60000
c80000
d100000
Alicia buys a beach house for 325000 which she uses as her personal vacation home. she builds an additional room on the house for 45000. she sells the property for 450000 and pays 22000 in commisions and 4000 in legal fees in connection with the sale. what is the recognized gain or loss on the sale of the house?
a. 0
b.54000
c.80000
d.99000

Top Answer

HI 1.a.40000 Loss claimed = 140,000 - 100,000 =... View the full answer

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