Calvin and Carolyn Coleman purchased a home in San Francisco for $375,000 on October 1,...
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Calvin and Carolyn Coleman purchased a home in San Francisco for $375,000 on October 1, 2014. Calvin obtained a job in Portland, Oregon, and on December 1, 2016, the Colemans sold their home in San Francisco for $650,000. How much gain must the Colemans recognize? Assume that the Colemans in the preceeding problem instead sold their home on December 1, 2015, for $800,000. How much gain must the Colemans recognize
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