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Calculate Ted realized gain and recognized gain

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Problem - On July 1, 2018, Ted, age 73 and single, sells his personal residence of the last 30 years for $368,000. Ted's basis in his residence is $42,000. The expenses associated with the sale of his home total $22,000. On December 15, 2018, Ted purchases and occupies a new residence at a cost of $175,000. Calculate Ted's realized gain, recognized gain, and the adjusted basis of his new residence.

Reference no: EM132704414

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