On Dec 1, Yr 1, a couple purchased a home in City A for $400k. Husband received a job offer in City B, and on March 1, Year 2, they sold their home for $500k and purchased a similar sized home in City B for $350k. What is the amount of gain that they must recognize on the sale of their home?

Answer rating: 100% (QA)

Yr1 Purchases 400000 Cash 400000 To record purc... View the full answer