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Milton and Maxine Miller purchased a home in New York City for $350,000 on October 1, 2018.Milton obtained a job in Richmond, Virginia, and on

Milton and Maxine Miller purchased a home in New York City for $350,000 on October 1, 2018.Milton obtained a job in Richmond, Virginia, and on December 1, 2019, the Millers sold their home in New York City for $550,000.

a.How much gain can the Millers exclude and how much is recognized?

b.Assume that the Millers instead sold their home on December 1, 2019, for $750,000.How much gain can the Millers then exclude and how much is recognized?

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