All tax calculations should be based on the 2020 Tax Rate Schedules. Figures should be rounded to
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All tax calculations should be based on the 2020 Tax Rate Schedules. Figures should be rounded to the nearest dollar. Percentages should be rounded to the nearest whole percentage (e.g., 32% instead of 32.2%)
Sale of principal residence. Zelig files his tax returns as head-of-household. For many years, he had lived in an apartment that he rented. He purchased a house on August 1 of last year and lived in it as his principal residence. However, because of a sudden and significant increase in gang violence in the neighborhood, Zelig had to sell the house on August 1 of this year and move back into an apartment. He bought the house for $440,000 and sold it for $690,000. How much capital gain does Zelig have to report on this sale?
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