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Jean and Pat, taxpayers married to each other, constantly buy houses, live in them while fixing them up, and then sell them. They bought one
Jean and Pat, taxpayers married to each other, constantly buy houses, live in them while fixing them up, and then sell them. They bought one house in March for $200,000, lived in it for 3 months while fixing it (spending $50,000 in fixing expenses) then sold it in June for $350,000. How much must Jean and Pat report as gross income from this house?
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South Western Federal Taxation 2017 Comprehensive
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
40th Edition
1305874161, 978-1305874169
