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Calculate jeanette''s realized gain and recognized gain

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Reference no: EM131774912

In November, 2015, 70 year old Jeanette sells her personal residence of the last 40 years for $360,000. Jeanette's basis in her residence is 60,000. The expense associated with the sale of her home total 15,000. Jeanette decides to move in with her daughter rather than purchase a new residence. Calculate Jeanette's realized gain and recognized gain on the sale of her residence?

A. Realized Gain

B. Recognized Gain

Reference no: EM131774912

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