Matt, who is single, sells his principal residence, which he has owned and occupied for 5 years, for $435,000 . The adjusted basis is $140,000 and the selling expenses are $20,000 . Three days after the sale he purchases another residence for $385,000 . Matt's recognized gain is $25,000 and his basis for the new residence is $385,000
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Which one of the following subtotals or totals would appear in a multiple-step, but not a single-step income statement?
a. Income tax expense b. Income from operations c. Cost of goods sold d. Net income
Which of the following are considered to be mandatory information required by a regulatory body?
A. The cost to build an all-new Starbucks restaurant in Abu Dhabi. B. The amount of taxes saved by a merger. C. The total dollar value of fireworks that are sold on July 4. D. Financial reports for the Securities and Exchange Commission.
Calculating return on investment (ROI) is often different for MPR practitioners since ________
A) the public relations discipline does not use quantitative tools B) ROI is exclusively used to monitor advertising expenditures C) marketing goals can be based on hard-to-measure attitudes and opinions D) firms rarely trust ROI figures tabulated for communication efforts E) MPR is solely a communication function, not a business tool
Which survey method results in the worst response rate?
A. Mail B. Telephone C. Personal D. Internet