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Topic
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Janine and Scott moved into their current house in Year One. It was the first house that they had ever owned and they held it until it was sold in February of Year Four. It had a tax basis of $200,000 but was sold for $460,000. In November of that same year, they buy a new house 63 miles away for $290,000. What impact does the selling of their personal residence have on their taxable income for Year Four?
A Zero
B $90,000 gain
C $170,000 gain
D $260,000 gain
Thanks!
AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100
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