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please help with these. thank you! Ralph, a 60-year-old single individual sold his principal residence for $450,000. Ralph had owned and occupied his residence, which
please help with these. thank you!
Ralph, a 60-year-old single individual sold his principal residence for $450,000. Ralph had owned and occupied his residence, which had a basis of $250,000 for 6 years. Within 8 months of the sale, Ralph purchased a new residence for $400,000. What is Ralph's recognized gain from the sale of his principal residence? $75,000 \$0. $50,000 $200,000 Silvia submitted the following information to the CPA who prepared her return regarding the transactions that took place during the year: In June 2021, her mother gifted her 100 shares of stock in ABC Corporation. The donor's basis for this stock was $4,000 and the market value on the date of gift was $3,000. Silvia sold the stock in July 2021 for $3,500. What was Silvia's reportable gain or loss on the sale of the 100 shares of ABC stock gifted to her? $500 loss. $1,000 loss. $500 gain. $0 Step by Step Solution
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