Fred Frisby sells his personal residence for $178,000 (adjusted basis of $156,000) and within three months moves

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Fred Frisby sells his personal residence for $178,000 (adjusted basis of $156,000) and within three months moves into a new residence he purchased for $250,000. What is his basis in the new residence?

a. $250,000

b. $228,000

c. $178,000

d. $156,000

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 19, 2024 04:01 AM

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Fred Frisby sells his personal residence for $178,000 (adjusted basis of $156,000) and within three months moves

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CCH Federal Taxation Basic Principles 2020

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