During 2018, ted and judy, a married couple, decided to sell their residence, which had a basis of $300,000. they had owned and occupied the residence for 20 years. to make it more attractive to prospective buyers, they had the outside painted in april at a cost of $6,000 and paid for the work immediately. they sold the house in may for $880,000. broker's commissions and other selling expenses amounted to $53,000. since they both are age 68, they decide to rent an apartment. they purchase an annuity with the net proceeds from the sale.
what is the recognized gain?
527000
0
27000
17000

While on vacation in las vegas jennifer, who is from utah, wins a progressive jackpot playing cards worth $15,875 at the casino royale. what implication does she encounter when she goes to collect her prize?

When partners own different portions of the business, the terms should be stated clearly in what document? the articles of incorporation the executive summary the business summary the partnership agreement

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.