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Calculate Walt realized gain

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Question - Walt is single and purchases a principal residence on January 1, 2019 for $160,000. Walt also pays $40,000 to make significant improvements to the residence. Walt owns and occupies this residence until January 31, 2020, at which time he sells his principal residence to move across country for a new job. Walt sells the residence for $400,000 and pays $20,000 in commissions and legal fees in connection with the sale. Calculate Walt's realized gain and recognized gain on the sale of his?

Reference no: EM132995768

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