Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2020,...
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Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2020, for $160,000. He lived in the house for 7 years. The expenses of the sale are $9,100, and he has made capital imprients of $11,000. Larry's cost basis in his residence is $85,000. On November 30, 2020, Larry purchases and occupies a new residence at a cost of $150,000. Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence. a. Realized gain $ b. Recognized gain S c. Adjusted basis of new residence S @IA
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