Mr. James purchased a vacation house in Los Angeles on July 1, 2017. The purchase price was $1,000,000, and Mr. James spent $10,000 on capital additions. As of January 1, 2019, the house was worth $1,200,000. Mr. James was not entitled to depreciate the house as it was a personal-use asset. For the purposes of this question, assume that Mr. James sold the house on December 31, 2019, for $1,300,000. For tax purposes, how much income did Mr. James realize in 2019?
https://zactutor.com/wp-content/uploads/2021/03/logo-300x75.png 0 0 developer https://zactutor.com/wp-content/uploads/2021/03/logo-300x75.png developer2022-09-25 04:43:382022-09-25 04:43:38Mr. James purchased a vacation house in Los Angeles on July 1, 2017. The purchase price was $1,000,0