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# On July 1, 2012, Ted, age 73 and single, sells his personal residence of the last 30 years for \$365,000. Ted's basis in his residence is \$35,000.

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On July 1, 2012, Ted, age 73 and single, sells his personal residence of the last 30 years for \$365,000. Ted’s basis in his residence is \$35,000. The expenses associated with the sale of his home total \$20,000. On December 15, 2012, Ted purchases and occupies a new residence at a cost of \$175,000. Calculate the following:
(a) realized gain
(b) recognized gain
(c) the adjusted basis of his new residence

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On July 1, 2012, Ted, age 73 and single, sells his personal residence of the last 30 years for \$365,000. Ted’s basis in his residence is \$35,000. The expenses associated with the sale of his home...

## This question was asked on Mar 12, 2013 and answered on Mar 13, 2013.

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