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Information - On May 26, 2022, they sold their principal residence, acquired in 2004 , for $300,000. They paid $21,000 of selling expenses. Their basis
Information - On May 26, 2022, they sold their principal residence, acquired in 2004 , for $300,000. They paid $21,000 of selling expenses. Their basis in the residence was $160,000. - On July 25,2022 , they purchased a new principal residence for $280,000. - On June 2, 2023, Mr. Glick, a bank officer, is transferred to another bank in the northern part of the state and the vacate their house. - On July 1,2023 , they purchase a new principal residence for $355,000. - On October 6,2023 , they sell the residence that was purchased on July 25 , 2022 , for $540,000. They pay $32,400 of selling expenses. Consider the following information for Mr, and Mrs. Glick: Virw the information. Bead the requirements. Begin by entering the (a.) realized gain on the sale of the residence in 2022, and the (b.) recognized gain on the s. of the residence in 2022. (Assume that Mr, and Mrs. Glick file a joint return. Enter a " 0 " for a zero balance Ignore loap years for your computations.) a. Re d Gain May 26, 2022 sale
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