23. Milton and Maxine Miller purchased a home in New York City for $350,000 on...
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23. Milton and Maxine Miller purchased a home in New York City for $350,000 on October 1, 2019. Milton obtained a job in Richmond, Virginia, and on December 1, 2020, the Millers sold their home in New York for $550,000.
A) How much gain can the Millers exclude and how much is recognized?
B) Assume that the Millers instead sold their home on December 1, 2020, for $750,000. How much gain can the Millers then exclude and how much is recognized?
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