Exercise 13-42 (Algorithmic) (LO. 8) On August 31, 2021, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $367,000 was excluded under § 121. They purchased another personal residence in Charleston for $587,200 on September 1, 2021. In 2022, Nolan's employer transfers him to Houston, Texas. The couple sells the Charleston home on February 28, 2022, and purchases a new home in Houston. The realized gain on the second sale is $330,300. Do not round any division. What is Nolan and Lei's recognized gain on the second sale?
Exercise 13-42 (Algorithmic) (LO. 8) On August 31, 2021, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $367,000 was excluded under § 121. They purchased another personal residence in Charleston for $587,200 on September 1, 2021. In 2022, Nolan's employer transfers him to Houston, Texas. The couple sells the Charleston home on February 28, 2022, and purchases a new home in Houston. The realized gain on the second sale is $330,300. Do not round any division. What is Nolan and Lei's recognized gain on the second sale?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Exercise 13-42 (Algorithmic) (LO. 8)
On August 31, 2021, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they
have owned and lived in for 10 years. The realized gain of $367,000 was excluded under § 121. They purchased another personal residence
in Charleston for $587,200 on September 1, 2021.
In 2022, Nolan's employer transfers him to Houston, Texas. The couple sells the Charleston home on February 28, 2022, and purchases a
new home in Houston. The realized gain on the second sale is $330,300.
Do not round any division.
What is Nolan and Lei's recognized gain on the second sale?
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