On August 31, 2021, Nolan and Lei, who file a joint return and live in Charleston, South
Question:
On August 31, 2021, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $292,000 was excluded under § 121. They purchased another personal residence in Charleston for $480,000 on September 1, 2021. In 2022, Nolan’s employer transfers him to Houston, Texas. The couple sells the Charleston home on February 28, 2022, and purchases a new home in Houston. The realized gain on the second sale is $180,000. What is Nolan and Lei’s recognized gain on the second sale?
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To qualify for exclusion treatment at the date of the sale the residence must h...View the full answer
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Related Book For 
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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