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I need help with this question for my accounting 3486 Federal taxation course that uses the book Pearson's 2019 Federal Taxation for individuals. Amber receives
I need help with this question for my accounting 3486 Federal taxation course that uses the book Pearson's 2019 Federal Taxation for individuals.
Amber receives a residence ($750,000 fair market value, $500,000 adjusted basis) owned for eight years by Jonathan, her former spouse, as part of a divorce settlement. Amber and Jonathan had lived in the home for the four years before the divorce. Seven months after the transfer of the residence, Amber sells it for $790,000. What is the amount of Amber's recognized gain on the sale of the home?
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