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Single Taxpayer purchased a principal residence for $500,000 and after using it for one year, Single sold the residence for $600,000 because Singles employer transferred
Single Taxpayer purchased a principal residence for $500,000 and after using it for one year, Single sold the residence for $600,000 because Singles employer transferred Single to a new job location.
(a) How much gain must Single include in gross income?
(b) What result in (a), above, if Single sold the residence for $700,000?
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