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please answer all parts of this capital gain/loss question.. part a part b part c Review Problem #6 new Incom... #6 new Income Tax.docx em

please answer all parts of this capital gain/loss question..
part a
part b
part c
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Review Problem \#6 new Incom... \#6 new Income Tax.docx em \#6 new Income Tax.docx (19.3 KB) | A Alternative formats c) Amount of gain recognized? 4. George and his wife Wendy purchased a lot in 2010 for $1,500,000 (they paid $1,400,000 and borrowed $500,000 from a bank). In 2015 , they built their home on the lot at a cost of $500,000 and moved in. This was their primary residence. In 2017 they made improvements to the home for $100,000. They sold their home in 2023 for $2,600,000. a) What was their basis? b) Amount of gain realized? c) Amount of gain recognized

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