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Any help is appreciated! Thank you! Larry Gaines, a single taxpayer, age 42 , sells his personal residence on November 12,2022 , for $180,400. He
Any help is appreciated! Thank you!
Larry Gaines, a single taxpayer, age 42 , sells his personal residence on November 12,2022 , for $180,400. He lived in the house for 7 years. The expenses of the sale are $12,628, and he has made capital improvements of $5,412. Larry's cost basis in his residence is $104,632. On November 30,2022 , Larry purchases and occupies a new residence at a cost of $225,500. Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residenceStep by Step Solution
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