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Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $235,000. He sold the home on January 1, 2020, for $261,700. How
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $235,000. He sold the home on January 1, 2020, for $261,700. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) d. Troy rented out the home from January 1, 2007, through December 31, 2015. He lived in the home as his principal residence from January 1, 2016, through December 31,
\begin{tabular}{|lll|} \hline Recognized gain & $ & 0 \\ \hline \end{tabular}Step by Step Solution
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