Ralph purchased a home in 2012 for $600,000. Ralph added a pool and landscaping for $36,000. Ralph lost his job and had to sell the home In a short sale for $420,000. Ralph had depreciated $32,000. The real estate commission was $28,000. What is the capital gains computation for Ralph?
A)?A gain of $392,000
B)?A gain of $212,000
C)?A loss of $212,000
D)?A loss of $280,000
C
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Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false
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What does the American Rule for successive assignments provide?
A) The last assignment in time prevails, regardless of notice. B) The first notified assignment prevails. C) The first assignment in time prevails, regardless of notice. D) Only notified assignments prevail.