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Chapter 15 - Question 4 : Please, help me on this question. Thank you On...

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Accounting

Chapter 15 - Question 4 : Please, help me on this question. Thank you On August 31, 2017, Harvey and Margaret, 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 $309,400 was excluded under 121. They purchased another personal residence in Charleston for $495,040 on September 1, 2017. However, in 2018, Harvey's employer transfers him to Houston, Texas. They sell their Charleston home on February 28, 2018, and purchase a new home in Houston. The realized gain on the second sale is $278,460. Harvey and Margaret's recognized gain on the second sale is $___

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