Mike sold his vacation home to the st. edwards church. the vacation home had a fair market value of $250,000. mike inherited the vacation home from his father three years prior to the sale when the fair market value of the home was $120,000. mike’s father had an adjusted basis in the vacation home equal to $150,000. the full sales price paid by st. edwards church to mike was $75,000. what amount of capital gain/loss would mike report on his tax return for the year related to this sale?

Doogan corporation makes a product with the following standard costs: standard quantity or hours standard price or rate direct materials 2.0 grams $ 7.00 per gram direct labor 1.6 hours $ 12.00 per hour variable overhead 1.6 hours $ 6.00 per hour the company produced 5,000 units in january using 10,340 grams of direct material and 2,320 direct labor-hours. during the month, the company purchased 10,910 grams of the direct material at $7.30 per gram. the actual direct labor rate was $12.85 per hour and the actual variable overhead rate was $5.80 per hour. the company applies variable overhead on the basis of direct labor-hours. the direct materials purchases variance is computed when the materials are purchased. the materials quantity variance for january is: