Question
Calvin and Colleen Coleman purchased a home in Denver for $375,000 on October 1, 2019. Calvin obtained a job in Portland, Oregon, and on December
Calvin and Colleen Coleman purchased a home in Denver for $375,000 on October 1, 2019. Calvin obtained a job in Portland, Oregon, and on December 1, 2020, the Colemans sold their home in Denver for $750,000. How much gain must the Coleman's recognize if they are married and file a joint return?
a.$-0-
b.$83,333
c.$291,667
d.$500,000
e.$375,000
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
