In 2021 Lulu Lowman sold her personal residence for $300,000 that she owned and lived...
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In 2021 Lulu Lowman sold her personal residence for $300,000 that she owned and lived in since 2009. When selling the property, Lulu paid the real estate agents a commission of $18,000. In 2009, Lulu had paid $200,000 for the home and currently owes $110,000 on the mortgage. Over the years, Lulu updated the kitchen and bathrooms, amounting to $44,000. When she decided to sell the home, she spent $2,000 to paint the interior, spruce up the landscaping and steam clean the carpets. What is Lulus (a) amount realized, (b) adjusted basis, (c) gain or loss realized, and (d) gain or loss recognized. Explain.
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