Steve Pratt, who is single, purchased a home in Riverside, California, for $400,000. He moved...
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Steve Pratt, who is single, purchased a home in Riverside, California, for $400,000. He moved into the home on February 1 of year 1 . He lived in the home as his primary residence until June 30 of year 5 , when he sold the home for $700,000. Note: Leave no answer blank. Enter zero if applicable. a. What amount of gain will Steve be required to recognize on the sale of the home
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