On july 1 2012 ted age 73 and single sells his personal, Ask an Expert

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On July 1, 2012, Ted, age 73 and single, sells his personal residence of the 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, 2012, Ted purchases and occupies a new residence at a cost of $175,000. find out the following:

(a) realized gain

(b) recognized gain

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947844

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