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Based on each selling reason listed below, indicate if Jamil can exclude the January 2021 $63,000 realized gain by selecting "No, may not exclude" or "Yes, can exclude" and enter the amount of recognized gain for each. a. His noisy neighbors?  b. A job transfer to another city?     Exclude or Not?     Amount of § 121 exclusion Amount of recognized gain a. His noisy neighbors? _________ $_________ $_________ b. A job transfer to another city? _________ $_________ $_________

Based on each selling reason listed below, indicate if Jamil can exclude the January 2021 $63,000 realized gain by selecting "No, may not exclude" or "Yes, can exclude" and enter the amount of recognized gain for each. a. His noisy neighbors?  b. A job transfer to another city?     Exclude or Not?     Amount of § 121 exclusion Amount of recognized gain a. His noisy neighbors? _________ $_________ $_________ b. A job transfer to another city? _________ $_________ $_________

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jamil, who is single, sold his principal residence on April 10, 2020, and excluded the realized gain under § 121 (exclusion on the sale of a principal residence). On April 12, 2020, he purchased another principal residence, which he sells on January 12, 2021, for a realized gain of $63,000.

Based on each selling reason listed below, indicate if Jamil can exclude the January 2021 $63,000 realized gain by selecting "No, may not exclude" or "Yes, can exclude" and enter the amount of recognized gain for each.

a. His noisy neighbors? 

b. A job transfer to another city?

   
Exclude or Not?    		 Amount of
§ 121 exclusion		 Amount of
recognized gain
a. His noisy neighbors? _________ $_________ $_________
b. A job transfer to another city? _________ $_________ $_________
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