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Required information The following information applies to the questions displayed below. Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $400,000. They moved
Required information The following information applies to the questions displayed below. Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $400,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until November 1 of year 1, when they sold the home for $500,000. The Pratts' marginal ordinary tax rate is 35 percent. (Leave no answer blank. Enter zero if applicable.) Book d. Assume the same facts as part (b), except that on December 1 of year O the Pratts sold their home in Seattle and excluded the $300,000 gain from income on their year O tax return. How much gain will the Pratts recognize on the sale of their Spokane home? Print Required information The following information applies to the questions displayed below. Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $400,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until November 1 of year 1, when they sold the home for $500,000. The Pratts' marginal ordinary tax rate is 35 percent. (Leave no answer blank. Enter zero if applicable.) Book d. Assume the same facts as part (b), except that on December 1 of year O the Pratts sold their home in Seattle and excluded the $300,000 gain from income on their year O tax return. How much gain will the Pratts recognize on the sale of their Spokane home? Print
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