Charlotte purchases a residence for $105,000 on April 13, 2010. On July 1, 2018, she...
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Charlotte purchases a residence for $105,000 on April 13, 2010. On July 1, 2018, she marries Howard and they use Charlotte's house as their principal residence. On May 12, 2020, they sell their home for $390,000, incurring $20,000 of selling expenses, and they purchase another residence costing $350,000. What is their realized and recognized gain? Realized Recognized
a. $265,000 $15,000 b. $265,000 $45,000 c. $265,000 $-0- d. $285,000 $65,000 e. $285,000 $-0-
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