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On July 1, 2013, Ted, age73 and single, sells his personal residence of his last 30 years for $365,000. Ted's basis in his residence is $35,000. The expenses associated with the sale of his home total $20,000. On December 15, 2013, Ted purchases and occupies a new residence at a cost of $175,000. find out Ted's realized gain, recognized gain, and the adjusted basis for his new residence.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940814

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