In December, Year 11, Douglas, a single taxpayer, purchased a new residence for $200,000. Douglas lived in the residence continuously from Year 11 until selling the residence in July, Year 18, for $455,000. What amount of gain is recognized from the sale of the residence on Douglas’ Year 18 tax return?

A owns a second residence that is used for both personal and rental purposes. During the current year, A used the second residence for 50 days and rented the residence for 200 days.  Which of the following is correct?

Andrew and Brittany are married. They have resided full time in their principal residence for the last 20 years. They have decided to sell their home. Once the transaction was finalized, they were presented with the final amounts. Sale price = $750,000 Cost basis = $100,000. How much of a gain must the two recognize from the sale on their joint tax return?

For a move of principal residence within the United States due to a change in job, which expenses can be deducted as moving expenses?

A 22-year-old full-time student earned $11,000 in salary and received $9,000 in interest from corporate bonds. The bonds were a gift from the student's grandparents. The student's parents pay more than half of the student's support, including $25,000 in tuition. Which of the following statements is correct regarding the student's current-year income tax?

June earned $400,000 in his business during the current year, and her husband Steve received investment income of $20,000. June provides more than half of the support for her 50-year-old widowed brother, who lives with June and earned $44,000 in salary. June also provides full support for her children, an 18-year-old daughter and a 20-year-old son, who is a full-time college student. The family employs a live-in housekeeper and a live-in butler to assist them with their residence. Both the housekeeper and butler provided all of their own support. How many people qualify as either a qualifying child or qualifying relative for June?

Jake and Andrea contribute to more than half of the support of their three children, Kenny, Bryan, and Jennifer. Kenny, age 20, worked full time at the local bakery and earned $20,000. Bryan, 18, is a part-time college student who earned $6,000 working as a resident assistant in the student dormitory where he lived half the year. Jennifer, age 25, is an aspiring actress who lives at home with Jake and Andrea. Jennifer earned $2,500 for three commercials she starred in. Who qualifies as a dependent for Jake and Andrea under either the rules of qualifying child or qualifying relative?

The Kent family has a 21 year old son Andrew, who is a full-time student at a university. Andrew received $10,000 in scholarships this year for academic achievement. He also works part time at the bookstore and earned $5,400 this year. The Kents paid $7,000 to support Andrew this year. Andrew was home for two months in the summer and at school for the rest of the year. Andrew used the scholarship, the wages from his part time job, and the money from his parents as his only source of support this year. Which of the following status’ does Andrew meet?

Of the following, which is or are among the requirements to enable taxpayers to be classified as a “qualifying widower”? A) The dependent has lived with the taxpayer for six months B) The taxpayer has maintained the cost of the principal residence for six months

Jared has two children, an 18-year-old son and a 20-year-old daughter who is a full-time student. Both children have not made more than $1,000 each from their part-time jobs. Which of the following children would qualify as a qualifying relative or child?