Business, 23.10.2019 02:00 choiboiqg8443
Carl sells his principal residence, which has an adjusted basis of $150,000 for $200,000. he incurs selling expenses of $20,000 and legal fees of $2,000. he had purchased another residence one month prior to the sale for $380,000. what is the recognized gain or loss and the basis of the replacement residence if the taxpayer elects to forgo the § 121 exclusion (exclusion of gain on sale of principal residence)?
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Carl sells his principal residence, which has an adjusted basis of $150,000 for $200,000. he incurs...
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