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Author Question: The Smiths owned and occupied their principal residence, with an adjusted basis of $250,000, for ten ... (Read 38 times)

Cooldude101

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on: Sep 13, 2020
The Smiths owned and occupied their principal residence, with an adjusted basis of $250,000, for ten years. The house is destroyed by a tornado and the Smiths receive insurance proceeds of $800,000. Six months later, they purchase another residence for $850,000.
a. What is the amount of gain the Smiths must recognize?
b. What is the basis of the new residence?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Cooldude101 on Sep 13, 2020

dajones82

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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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Cooldude101

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Reply 2 on: Sep 13, 2020
Wow, this really help

lindahyatt42

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

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