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Aisha is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will
Aisha is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2021, and will be out of the country for four years. She sells her personal residence on September 30, 2021, for $178,750 (her adjusted basis is $130,000). Upon her return to the United States in 2025, she purchases a new residence in Los Angeles for $154,500, where she will continue working for the same firm. Required: a. What are Aisha's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is Aisha's basis in the new residence? a. a. b. Basis of new residence Amount
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