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Sheena Maskell Sheena Maskell
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7 years ago
James and Ellen Connors, who are both 50 years old and married, sell their personal residence on July 25, 2009 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 2009. After living in that home for 219 days, the Connors were forced to sell their new home in 2010 for $1,300,000 and move to another climate due to Ellen's severe health problems.
a.   What is the amount of gain recognized (not realized)on the home sale in 2009?
b.   What is the amount of the gain recognized (not realized) on the home sale in 2010?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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Sheena M. Author
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#2
7 years ago
Thank you so much
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