Steve Pratt, who is single, purchased a home in Riverside, California, for $ 4 0 0 ,

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Question:

Steve Pratt, who is single, purchased a home in Riverside, California, for $

400, 000 .

He moved into the home on February

1

of year

1 .

He lived in the home as his primary residence until June

30

of year

5,

when he sold the home for $

700, 000 .

Note: Leave no answer blank. Enter zero if applicable.

.

What amount of gain will Steve be required to recognize on the sale of the home?

Posted Date: May 13, 2024 05:34 AM

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Steve Pratt, who is single, purchased a home in Riverside, California, for $ 4 0 0 ,

Question:

Expert Answer:

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