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lutik1710 [3]
2 years ago
15

On August 31, 2018, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their personal res

idence, which they have owned and lived in for 10 years. The realized gain of $292,000 was excluded under § 121. They purchased another personal residence in Charleston for $480,000 on September 1, 2018. However, in 2019, Harvey's employer transfers him to Houston, Texas. They sell their Charleston home on February 28, 2019, and purchase a new home in Houston. The realized gain on the second sale is $180,000. Harvey and Margaret's recognized gain on the second sale is $_________
Business
2 answers:
SVEN [57.7K]2 years ago
8 0

Answer:

$55,000

Explanation:

Since Harvey and Margaret are married, their § 121 exclusion = $500,000 since they meet all the ownership requirements. The gain resulting from the sale of their Charleston home was fully excluded ($292,000).

Since the sale of the second home is within the two year window period, then the recognized gain will be:

realized gain ($180,000) - § 121 exclusion ($500,000 x 6/24 months = $125,000) = $55,000

Nana76 [90]2 years ago
5 0

Answer:

55,000

Explanation:

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2 years ago
Assuming that the prices of A and B are $1.50 and $1, respectively, and that Mr. Chen has $24 to spend, plot his budget line and
Margarita [4]

Answer:

consume 8 units of A and 12 units of B

Explanation:

given data

prices of A = $1.50

prices of B = $1

Budget constraint = $24

consider data indifference curve

unit A         unit  B

16                 6

12                 8

8                  12

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solution

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so Budget constraint is here express as

24 = 8 × $1.50 + 12 × 1.00

so here

MRS = \frac{PB}{PA}  rule  of equilibrium

so here MRS is

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MRS = \frac{PB}{PA} = \frac{2}{3}

7 0
3 years ago
Manufacturing companies especially those which manufacture chemicals or use chemicals must be in compliance with construction la
wolverine [178]

Answer: right to know laws

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This law specifies perspectives such as:-

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3 0
2 years ago
A business manager finds that the building expense each month is completely uncorrelated with revenue levels. What should the bu
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3 0
2 years ago
Jenae's study ignored the fact that only some of her coffee choices had caffeine, even though her co-workers preferred caffeinat
ch4aika [34]

Answer:

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8 0
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