Leticia and Stephanie Sims purchased a home in Spokane, Washington, for $425,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of year 5, when they sold the home for $715,000. Note: Leave no answer blank. Enter zero if applicable. Problem 14-39 Part a (Algo) a. What amount of gain on the sale of the home are the Simses required to include in taxable income? Recognized gain
Leticia and Stephanie Sims purchased a home in Spokane, Washington, for $425,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of year 5, when they sold the home for $715,000. Note: Leave no answer blank. Enter zero if applicable. Problem 14-39 Part a (Algo) a. What amount of gain on the sale of the home are the Simses required to include in taxable income? Recognized gain
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 1CPA
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Transcribed Image Text:Leticia and Stephanie Sims purchased a home in Spokane, Washington, for $425,000. They moved into the home on
February 1 of year 1. They lived in the home as their primary residence until June 30 of year 5, when they sold the home
for $715,000.
Note: Leave no answer blank. Enter zero if applicable.
Problem 14-39 Part a (Algo)
a. What amount of gain on the sale of the home are the Simses required to include in taxable income?
Recognized gain
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