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Calculate recognized gain if objective is to minimize

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Katrina, age 58, rented (as a tenant) the house that was her principal residence from January 1, 2019 through December 31, 2020. She purchased the house on January 1, 2021, for $150,000 and continued to occupy it through June 30, 2022. She leased it to a tenant from July 1, 2022, through December 31, 2023. On January 1, 2023, she sells the house for $350,000. She incurs a realtor's commission of $20,000.

Problem 1: Calculate her recognized gain if her objective is to minimize the recognition of gain and she does not intend to acquire another residence. Explain your answer.

Reference no: EM132737970

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