Michael (single) purchased his home on July 1, 2007. On July 1, 2015 he moved out of the home. He rented out the home until July 1, 2016 when he moved back into the home. On July 1, 2017 he sold the home and realized a $305,000 gain. What amount of the gain is Michael allowed to exclude from his 2017 gross income? A. $0
B. $225,000
C. $250,000
D. $305,000

Amanda rice has just arranged to purchase a $640,000 vacation home in the bahamas with a 20 percent down payment. the mortgage has a 7 percent apr compounded monthly and calls for equal monthly payments over the next 30 years. her first payment will be due one month from now. however, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. there were no other transaction costs or finance charges. how much will amanda’s balloon payment be in eight years

Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. the market value of the building is $120,000. she pays $35,000 per year for flowers and other supplies, and has a bank account that pays 5 percent interest. what is the economic cost of jen's business?

Acorporation a. can use different depreciation methods for tax and financial reporting purposes b. must use the straight - line depreciation method for tax purposes and double declining depreciation method financial reporting purposes c. must use different depreciation method for tax purposes, but strictly mandated depreciation methods for financial reporting purposes d. can use straight- line depreciation method for tax purposes and macrs depreciation method financial reporting purposes