Question: QUESTION 27 12.5 points Save Answer Joyce owned and occupied her residence for the past 16 years. In November, she married Joe. Joe sold his

QUESTION 27 12.5 points Save Answer Joyce owned and occupied her

QUESTION 27 12.5 points Save Answer Joyce owned and occupied her residence for the past 16 years. In November, she married Joe. Joe sold his qualifying principal residence, excluding the gain, and moved in with Joyce the day they got married. To celebrate their one-year anniversary, Joyce and Joe sold the house for $400,000, realizing a $280,000 gain, and purchased their $750,000 dream home. a. Determine the maximum gain exclusion available. b. Calculate the amount of long-term capital gain if any that must be recognized, c. Calculate the basis in the dream home. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Us Paragraph Arial 10pt A v Tx !!! 111

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