Question
On Dec 1, Yr 1, a couple purchased a home in City A for $400k. Husband received a job offer in City B, and on
On Dec 1, Yr 1, a couple purchased a home in City A for $400k. Husband received a job offer in City B, and on March 1, Year 2, they sold their home for $500k and purchased a similar sized home in City B for $350k. What is the amount of gain that they must recognize on the sale of their home?
A 0
B 100k
C 62,500
d 37,500
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Strategic Managerial Accounting: Hospitality, Tourism & Events Applications
Authors: Tracy Jones, Helen Atkinson, Angela Lorenz, Peter Harris
6th Edition
