Lo8 10 karl purchased his residence on january 2 2014 for, Ask an Expert

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LO.8, 10 Karl purchased his residence on January 2, 2014, for $260,000, after having lived in it during 2013 as a tenant under a lease with an option to buy clause. On August 1, 2015, Karl sells the residence for $315,000. On June 13, 2015, Karl purchases a new residence for $367,000. a. What is Karl’s recognized gain? His basis for the new residence? b. Assume instead that Karl purchased his original residence on January 2, 2013 (rather than January 2, 2014). What is Karl’s recognized gain? His basis for the new residence? c. In (a), what could Karl do to minimize his recognized gain?

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