Kellye purchased her home in 2011 for $140,000. After living in it for five years, she sold
Question:
Kellye purchased her home in 2011 for $140,000. After living in it for five years, she sold it in 2016 for $170,000, its market value. What is the tax treatment of the sale of Kellye’s home?
a. A $30,000 gain is recognized but not reported
b. A $30,000 gain is recognized and reported
c. A $30,000 gain is carried forward
d. The transaction is not reported
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The tax treatment of the sale of Kellyes home is as follows b A ...View the full answer
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Related Book For 
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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