Steve and Stephanie Pratt purchased a home in Spokane, Washington for $400,000. They moved into...
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Steve and Stephanie Pratt purchased a home in Spokane, Washington for $400,000. They moved into the home on February 1, of year 1. They lived in the home as their primary residence until November 1 of year 1 when they sold the home for $590,000. Assume the Pratts sell the home because Stephanies employer transfers her to an office in Utah. How much gain will the Pratts recognize on their home sale?
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