Fred Frisby sells his personal residence for $178,000 (adjusted basis of $156,000) and within three months moves
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Fred Frisby sells his personal residence for $178,000 (adjusted basis of $156,000) and within three months moves into a new residence he purchased for $250,000. What is his basis in the new residence?
a. $250,000
b. $228,000
c. $178,000
d. $156,000
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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