X th ACTG 211 Test 1 poms3.net/mod/quiz/attempt.php attempt 21 69828cmid4809078p

Question

X th ACTG 211 Test 1 poms3.net/mod/quiz/attempt.php attempt 21 69828cmid4809078page 33 ENGLISH , UNITED STATES IEN-US)- ) ACTG 211 Sec 01 :Income Tax Fundamentals rses (70576) ACTG 211 Sec 01 / September 23 September 20 ACTG 211 Test 1 24 Jerry and Sally were divorced under an agreement executed July 1, 2010. The terms of the agreement provide thy wla tharster to Saly his interest in a rental house worth $250,000 with a tax basis to Jerry of $80,000. What is the amount of the gain that must be and what is Sally's tax basis in the property afier the transfer, respecively? by Jery on ne transfer of the property Select one a $170,000 and $250,000 b. $0 and $250,000 $170,000 and $170.000 d. $0 and 580,000 None of the above Jump to-

Explanation / Answer

D. 0 and 80000

Jerry has not sold the property, he has just transferred his interest so no gain can be there. The basis for Jerry is 80000 so will be for Sally

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