On August 31, 2015, Harvey and Margaret, who file a joint return and live in Charleston, South
Question:
On August 31, 2015, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $292,000 was excluded under § 121. They purchased another personal residence in Charleston for $480,000 on September 1, 2015. However, in 2016, Harvey's employer transfers him to Houston, Texas. They sell their Charleston home on February 28, 2016, and purchase a new home in Houston. The realized gain on the second sale is $180,000. Compute Harvey and Margaret's recognized gain on the second sale?
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To qualify for exclusion treatment at the date of the sale the residence must have been ...View the full answer
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Related Book For 
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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