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26. Explain how the following are determined on the sale or exchange of a principal residence: a. Realized gain b. Recognized gain. c. Postponed gain

26. Explain how the following are determined on the sale or exchange of a principal residence:

a. Realized gain

b. Recognized gain.

c. Postponed gain

d. Basis of new residence

(South-western federal taxation Individual income taxes 2014)

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