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How much gain does he recognize from sale

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Q1. In January 2017, A (single) sold principle residence in which she had lived for 6 yrs for 695000. In 2011, she purchased home for 140000 and made 55000 of capital improvements on the home during his ownership. How much gain does he recognize from sale?

A. 250000

B. 260000

C. 500000

D. 510000

Q2. A exchanges a equipment with basis 100000 and FMV 125000 for other one with FMV 160000. What's her recognized gain?

A. 0

B. 25000

C. 35000

D. 60000

Reference no: EM133137606

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