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c oengage now com/ /takeAssignment takeAssignmentMain do nvoker assignment satake ssignment SessionLocator assignment take Chapter...

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c oengage now com/ /takeAssignment takeAssignmentMain do nvoker assignment satake ssignment SessionLocator assignment take Chapter 8 Homework (Graded) 8-15 Sale of a Personal Residence (LOB.12) Larry Gaines, a single taxpayer age 42, sells his personal residence on November 12, 2016, for $148,000. He wed in the house for 7 years. The expenses of the sale are s9.000, and he has made capital improvements of 7.000, Larry's cost basis in his residence is ss5,000. On November 30, 2016, Larry purchases and occupies a new residence at a cost of s148,000. calculate Larry's realized gain, recognized oain, and the adjusted basis of hisnew residence. an amount is zero, enter "0". 47,000 a. Realized gain 148,000 Adjusted basis of new residence For sales of a principal residence after May 6, 1997, the long-standing rollover rule and the $125,000 exclusion for taxpayers over 55 yearsold were replaced by xB

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