Question: Assume the same facts as in part ( b ) , except that the Simses live in the home until January of year 4 ,

Assume the same facts as in part

(

),

except that the Simses live in the home until January of year

4,

when they purchase a new home and rent out the first home. What amount of realized gain on the sale of the home will the Simses include in taxable income if they sell the first home on June

30

of year

5

for $

705, 000 ?

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