Marc, age 45, sells his personal residence on May 15, 2022, for $180,000. He pays $8,000 in
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Marc, age 45, sells his personal residence on May 15, 2022, for $180,000. He pays $8,000 in selling expenses and $900 in repair expenses to help sell the residence. He has lived in the residence since 1995, when he purchased it for $55,000. In 2003, he paid $6,000 to install central air conditioning. If Marc purchases a new principal residence in December of the current year for $162,000, what is the realized gain, recognized gain, and the basis for the new residence?
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Related Book For
Pearsons Federal Taxation 2023 Comprehensive
ISBN: 9780137840656
36th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse
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