A taxpayer purchased his home in 1995 for $100,000. This year he sold it for $250,000 cash.

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A taxpayer purchased his home in 1995 for $100,000. This year he sold it for $250,000 cash. Under federal law, he will be able to avoid paying any taxes on the $150,000 gain because of IRC Section 121. How does your state treat this transaction?

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ISBN: 9780136015314

4th Edition

Authors: Barbara H. Karlin

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Question Posted: Apr 19, 2016 11:37 AM

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A taxpayer purchased his home in 1995 for $100,000. This year he sold it for $250,000 cash.

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Whether a state conforms to the IRC Section 121 first needs to be ...View the full answer

Tax Research

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