During 2018, ted and judy, a married couple, decided to sell their residence, which had a basis of $300,000. they had owned and occupied the residence for 20 years. to make it more attractive to prospective buyers, they had the outside painted in april at a cost of $6,000 and paid for the work immediately. they sold the house in may for $880,000. broker’s commissions and other selling expenses amounted to $53,000. since they both are age 68, they decide to rent an apartment. they purchase an annuity with the net proceeds from the sale. what is the recognized gain?

The mccolls have made an offer on a new home. the home is new construction and scheduled to be completed by the end of the year. they provide a purchase deposit--a check in the amount of $40,000--to their agent, suzette. suzette, at the broker's direction, deposits the earnest money in the broker's trust fund account within two business days of receipt of the funds. did suzette follow the proper procedures? a. no, the check should not have been cashed. if a check is used as an earnest money deposit, it is to be held until acceptance of the offer. the seller must also be informed the buyer's check is being held and not negotiated.b. yes, suzette deposited the earnest money in the broker's trust fund account as directed. she also deposited the check within three business days of receipt. unless there were written instructions to hold the check until acceptance of the offer, the check may be cashed.c. no, suzette needed to deposit the earnest money in the broker's trust fund account within two days of receipt, not necessarily two business days.d. both a and c