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Awada purchased a residence for him and his family to reside on August 10, XX01....

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Accounting

Awada purchased a residence for him and his family to reside on August 10, XX01. He sold that property on January 3, XX08 realizing a $120,000 gain which qualified for the exclusion. He used the proceeds to purchase a new residence the same day. Calculate the holding period of the new residence as of December 31, XX08.

1 year 2 years 7 years 5 years

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