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Unformatted text preview: Gets $100,000 less: $20,000 $80,000 basis 50,000 gain 30,000 not recognized, no boot 4 What is Jack's basis in apartment building? Basis of old 50,000 plus: additional debt 20,000 $70,000 Sell tomorrow $100,000 Deferred gain pops out 30,000 Judith, a single person, bought her house for $300,000, now worth $600,000 She has owned and used house as principal residence for 3 years prior to selling it for $600,000. How much gain does Judith need to pay tax on?...
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This homework help was uploaded on 02/20/2009 for the course H ADM 422 taught by Professor Lhensley during the Fall '08 term at Cornell.
- Fall '08