________ 13. Cason is filing as single and has 2014 taxable income of $36,000 which includes $34,000 of 0%/15%/20% net long- term capital gain. What is his tax on taxable income using the alternative tax method? ________ 14. Jamie bought her house in 2008 for $395,000. Since then, she has deducted $70,000 in depreciation associated with her home office and has spent $45,000 replacing all the old pipes and plumbing. She sells the house on July 1, 2014. Her realtor charged $34,700 in commissions. Prior to listing the house with the realtor, she spent $300 advertising in the local newspaper. Sammy buys the house for $500,000 in cash, assumes her mortgage of $194,000, and pays property taxes of $4,200 for the entire year on December 1, 2014. What is Jamie Solution 13.))) B $200 14.))) B. $370,000 adjusted basis; $661,100 amount realized. .

1. ________ 13. Cason is filing as single and has 2014 taxable income of $36,000 which
includes $34,000 of 0%/15%/20% net long- term capital gain. What is his tax on taxable
income using the alternative tax method?
________ 14. Jamie bought her house in 2008 for $395,000. Since then, she has deducted
$70,000 in depreciation associated with her home office and has spent $45,000 replacing all
the old pipes and plumbing. She sells the house on July 1, 2014. Her realtor charged
$34,700 in commissions. Prior to listing the house with the realtor, she spent $300
advertising in the local newspaper. Sammy buys the house for $500,000 in cash, assumes
her mortgage of $194,000, and pays property taxes of $4,200 for the entire year on
December 1, 2014. What is Jamie
Solution
13.))) B $200
14.))) B. $370,000 adjusted basis; $661,100 amount realized.