86. Several years ago, Agnes and Wyman Booth bought a home for $200,000. They lived in the...
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86. Several years ago, Agnes and Wyman Booth bought a home for $200,000.
They lived in the home for ten years and then moved into an apartment. Unable to immediately sell the home, they rented it for two years earning $24,000 in rents and taking $14,000 in depreciation. After the two rental years, the Booths exchanged the house for $30,000 cash and a duplex worth $600,000.
The Booths will hold the duplex as rental property. How much taxable income do the Booths have from the exchange?
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Related Book For
Federal Tax Research
ISBN: 9780324659658
8th Edition
Authors: William A. Raabe, Gerald E. Whittenburg, Debra L. Sanders
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