During 2023, Georgie and Ananda, a married couple, decided to sell their residence, ...
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During Georgie and Ananda, a married couple, decided to sell their residence, which had a basis of $ They had owned and occupied the residence for years. To make it more attractive to prospective buyers, they had the outside repaired and painted in April at a cost of $ and paid for the work immediately. They sold the house in May for $ Broker's commissions and other selling expenses amounted to $ Because they both are age they decide to rent an apartment. They purchase life insurance with the net proceeds from the sale. What is their recognized gain? a $ b $ c $ d $ e $ 
During Georgie and Ananda, a married couple, decided to sell their residence,
which had a basis of $ They had owned and occupied the residence for
years. To make it more attractive to prospective buyers, they had the outside repaired
and painted in April at a cost of $ and paid for the work immediately. They sold
the house in May for $ Broker's commissions and other selling expenses
amounted to $ Because they both are age they decide to rent an apartment.
They purchase life insurance with the net proceeds from the sale. What is their
recognized gain?
a $
b $
c $
d $
e $
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