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How much gain can the Millers exclude

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Reference no: EM132526860

Question - Milton and Maxine Miller purchased a home in New York City for $350,000 on October 1, 2018. Milton obtained a job in Richmond, Virginia, and on December 1, 2019, the Millers sold their home in New York City for $550,000.

Required -

a. How much gain can the Millers exclude and how much is recognized?

b. Assume that the Millers instead sold their home on December 1, 2019, for $750,000. How much gain can the Millers then exclude and how much is recognized?

Reference no: EM132526860

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