Michael and Mary Mason sold their house for $380,000 in November of 2016. They had...
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Accounting
Michael and Mary Mason sold their house for $380,000 in November of 2016. They had purchased the residence in 2002 for $75,000. They made major capital improvements during their 10-year ownership totaling $25,000. What is their excluded gain? How much must they recognize? Suppose, instead, that the Masons sold their home for $720,000. They moved into a smaller house costing $220,000. What is their excluded gain? How much must they recognize?
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