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18. Required Information [The following information...

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Accounting

18.
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Required Information [The following information applies to the questions displayed below.] Steve Pratt, who is single, purchased a home in Riverside, Callfornla, for $525,000. He moved into the home on February 1 of year 1. He llved in the home as his primary residence until June 30 of year 5 , when he sold the home for $855,000. Note: Leave no answer blank. Enter zero If applicable. a. What amount of gain will Steve be required to recognize on the saie of the home? b. Assume the original facts, except that the home is Steve's vacation home and he vacations there four months each year. Steve does not ever rent the home to others. What gain must Steve recognize on the home sale? c. Assume the original facts, except that Steve married Giuseppina on February 1 of year 3 and the couple llved in the home until they sold it in June of year 5 . Under state law, Steve owned the home by himself. How much gain must Steve and Gluseppina recognize on the sale (assume they flie a joint return in year 5 )

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