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Steven and Carol have lived in Madison, WI for 35 years and want to sell their home and move to Florida. The home cost them
Steven and Carol have lived in Madison, WI for 35 years and want to sell their home and move to Florida. The home cost them $81,800 in 1975. What is their realized and recognized gain if they sell their home for $501,800? What is their realized and recognized gain if they sell their home for $601,800? Would the recognized gain be something other than $20,000
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