Sale of a Personal Residence (LO 8.12) Larry Gaines, age 42, sells his personal residence...
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Accounting
Sale of a Personal Residence (LO 8.12)
Larry Gaines, age 42, sells his personal residence on November 12, 2016, for $268,400. He lived in the house for 7 years. The expenses of the sale are $18,788, and he has made capital improvements of $8,052. Larry's cost basis in his residence is $155,672. On November 30, 2016, Larry purchases and occupies a new residence at a cost of $335,500.
Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.
If an amount is zero, enter "0".
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