On August 31, 2020, Nolan and Lei, who file a joint return and live in Charleston, South
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On August 31, 2020, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $292,000 was excluded under § 121. They purchased another personal residence in Charleston for $480,000 on September 1, 2020.
In 2021, Nolan’s employer transfers him to Houston, Texas. The couple sells the Charleston home on February 28, 2021, and purchases a new home in Houston. The realized gain on the second sale is $180,000. What is Nolan and Lei’s recognized gain on the second sale?
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Calculations and thorough explanation Nolan and Leis recognized gain on the second sale 180...View the full answer
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Related Book For 
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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