On October 29, 2016, Miss Joan Seely (SSN 123-45-6789) sells her principal residence for $150,000 cash. She

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On October 29, 2016, Miss Joan Seely (SSN 123-45-6789) sells her principal residence for $150,000 cash. She purchased the residence on May 12, 2007, for $85,000. She spent $12,000 for capital improvements in 2007. To help sell the house, she pays $300 for minor repairs. The realtor’s commission amounts to $7,500. Her old residence is never rented out or used for business. Complete the worksheets in Publication 523 to determine the recognized gain for Miss Seely for 2016.

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Federal Taxation 2018 Comprehensive

ISBN: 9780134532387

31st Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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