Marc, age 45, sells his personal residence on May 15, 2016, for $180,000. He pays $8,000 in
Question:
Marc, age 45, sells his personal residence on May 15, 2016, 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 1980, when he purchased it for $55,000. In 1996, 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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Selling price 180000 Minus Selling expenses 8000 Amount realized 172000 Minus ...View the full answer
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Related Book For
Federal Taxation 2017 Individuals
ISBN: 9780134420868
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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