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  3. 21. leonard and linda lindsay sold for $350,000 in

21. Leonard and Linda Lindsay sold for $350,000 in October 2020 their residence that they...

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Accounting

21. Leonard and Linda Lindsay sold for $350,000 in October 2020 their residence that they had purchased in 2010 for $100,000. They made major capital improvements during their 10-year ownership totaling $30,000.

A) What is their excluded gain? How much must they recognize?

B) Suppose instead that the Lindsays sold their home for $700,000. They moved into a smaller home costing $200,000. What is their excluded gain? How much must they recognize?

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