Question
The following information applies to the next two questions: Ryan, age 57, owned a house near Westwood that he bought in 1990 for $400,000. He
The following information applies to the next two questions: Ryan, age 57, owned a house near Westwood that he bought in 1990 for $400,000. He sold this house this year for $1 million. Within 30 days after the date of sale, he purchased a new condominium on Wilshire Boulevard for $650,000. Ryan has no capital losses this year or capital loss carryforwards from prior years. 17. How much gain, if any, does Ryan have to recognize as a result of this sale? 18. Would the tax impact of this sale have been different if Ryan did have a $100,000 capital loss carryforward that originated last year? Simply state "yes" or "no
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