Norma, a nonresident alien, owns a winter house in Florida with an adjusted basis of...
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Norma, a nonresident alien, owns a winter house in Florida with an adjusted basis of $50,000. Norma sells the home for $100,000 to a U.S. citizen who will use the house as a personal residence. Which of the following best describes the results here? Group of answer choices Norma owes no income tax on the sale. Norma owes $10,000 of income taxes on the sale The U.S. citizen withholds income taxes of $15,000 on the sale. Neither sec 1445 WHT nor sec 897 applies
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