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Business, 16.04.2020 01:06 thompsonmark0616
Ross lives in a house he received as a gift from his father. His father had lived in the house for 12 years.
The adjusted basis of the house to his father was $160,000 and the fair market value at the time of the gift was $140,000.
Ross sells this residence after living in it for 18 months for $150,000 and purchases a new home for $125,000. He incurs selling expenses of $7,000.
What is Ross' recognized gain or loss and basis for the new residence?
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