Evander bought a house on June 1, 2021. The previous owners had been foreclosed on, and Evander
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Evander bought a house on June 1, 2021. The previous owners had been foreclosed on, and Evander was able to buy the house below market, for $155,000. He made no improvements while he owned it.
On January 7, 2022, his live-in girlfriend Cynthia gave birth to twins. Evander and Cynthia decided they wanted a bigger space so they sold the house for $375,000 and bought a new one together. Evander had sale expenses of $8,500. After applying any allowable exclusion, what is Evander's taxable gain on the house?
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International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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