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Steven and Carol have lived in Madison, WI for 35 years and want to sell...

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Accounting

Steven and Carol have lived in Madison, WI for 35 years and want to sell their home and move to Florida. The home cost them $81,800 in 1975. What is their realized and recognized gain if they sell their home for $501,800? What is their realized and recognized gain if they sell their home for $601,800? Would the recognized gain be something other than $20,000

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