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 tlved 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. Assume the original facts, except that the home is Steve's vacation home and he vacations there four months each year. Steve does ot ever rent the home to others. What gain must Steve recognize on the home sale
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