Kevin, a single person age 52, sold his home this year. He had lived in the house for 10 years.
Signed a contract on March 4 to sell his home
Sold May 3 for $202,000
Selling expenses 12,000
Replaced and paid for a broken window on March 2 200
Basis of old home before repairs and improvements 150,000
Purchased new home 180,000
Based on these facts, what is the amount of his recognized (not realized) gain?
A) $40,000
B) $39,800
C) $52,000
D) $-0-