Moore Family Tax Facts:

The Moore Family currently reside at 122 Janney Avenue, Harrisburg, PA 19917. They moved to this new home earlier in 2018.

Old Address 23 Ascot Drive, Lansdale, PA 19420.

Purchased Ascot Drive in September of 1999 for $150,000.

Sold Ascot Drive in January 2, 2018 for $275,000.

Buyers paid all of the closing costs and real estate fees.

New home at 122 Janney Avenue was purchased for $350,000.

please prepare a tax memo researching the Federal Tax Treatment of the Sale of their Ascot Drive, Lansdale residence. You must cite the relevant code section(s) and the administrative guidelines.