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How much gain can Carl exclude

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Question - Carl Carter had purchased a residence on January 12, 2018, for $165,000 and then sold it on April 12, 2019, for $440,000 because of severe health problems.

Required -

a. How much gain can Carl exclude and how much must he recognize?

b. If Carl instead sold the home for $300,000, how much could Carl exclude and how much must he recognize?

Reference no: EM132526875

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