Kellye purchased her home in 2012 for $140,000. After living in it for five years, she sold

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Kellye purchased her home in 2012 for $140,000. After living in it for five years, she sold it in 2017 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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South-Western Federal Taxation 2018 Comprehensive

ISBN: 9781337386005

41st Edition

Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young

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Question Posted: Sep 11, 2018 12:57 PM

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Kellye purchased her home in 2012 for $140,000. After living in it for five years, she sold

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South-Western Federal Taxation 2018 Comprehensive

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