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Author Question: James and Ellen Connors, who are both 50 years old and married, sell their personal residence on ... (Read 56 times)

Pea0909berry

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on: Sep 13, 2020
James and Ellen Connors, who are both 50 years old and married, sell their personal residence on July 25, 2016 for $950,000. They have lived in the home for 20 years. The basis of the home is $350,000. They purchased a new home for $1,000,000 in August 2016. After living in that home for 219 days, the Connors were forced to sell their new home in 2017 for $1,300,000 and move to another climate due to Ellen's severe health problems.
a. What is the amount of gain recognized on the home sale in 2016?
b. What is the amount of the gain recognized on the home sale in 2017?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Pea0909berry on Sep 13, 2020

mceravolo

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Pea0909berry

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

Dominic

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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