On August 31, 2017, Harvey and Margaret, who file a joint return and live in Charleston, South
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On August 31, 2017, Harvey and Margaret, 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, 2017. However, in 2018, Haney's employer transfers him to Houston, Texas. They sell their Charleston home on February 28, 2018, and purchase a new home in Houston. The realized gain on the second sale is $180,000. What is Harvey and Margaret's recognized gain on the second sale?
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Related Book For
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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