Exercise AlgorithmicLO
On August Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they
have owned and lived in for years. The realized gain of $ was excluded under They purchased another personal residence
in Charleston for $ on September
In Nolan's employer transfers him to Houston, Texas. The couple sells the Charleston home on February and purchases a
new home in Houston. The realized gain on the second sale is $
Do not round any division.
What is Nolan and Lei's recognized gain on the second sale?
$
