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Nicki is single and 46 years old. She sells her principal residence (adjusted basis $200,000) that ...

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Nicki is single and 46 years old. She sells her principal residence (adjusted basis $200,000) that ...

Nicki is single and 46 years old. She sells her principal residence (adjusted basis $200,000) that she purchased five years ago for $435,000.
a.   What is the amount of Nicki's recognized (not realized) gain on the sale?
b.   Assume instead that Nicki sells the residence for $485,000. What is the amount of Nicki's recognized gain on the sale?
c.   Assume instead that Nicki has been married to Mike for the entire time they have owned and lived in the home. If they sell the home for $485,000, what is the amount of their recognized gain on the sale?

Textbook

Prentice Hall's Federal Taxation: 2011: Individuals

Edition: 14^th

Authors: Pope, Anderson, Kramer

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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer

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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer

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