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Tpy6a [65]
3 years ago
15

On November 1, year 1, Jamie (who is single) purchased and moved into her principal residence. In the early part of year 2, Jami

e was laid off from her job. On February 1, year 2, Jamie sold the home at a $45,500 gain. She sold the home because she found a new job in a different state. How much of the gain, if any, may Jamie exclude from her gross income in year 2?Multiple Choice$4,550.$31,250.$45,500.$0.
Business
1 answer:
Deffense [45]3 years ago
7 0

Answer:

correct option is $31,250

Explanation:

given data

home sold gain = $45,500

to find out

gain may Jamie exclude from gross income in year 2

solution

as given November 1 purchase home February 1 sold

so we know here that Maximum exclusion will be

Maximum exclusion = $250,000 × \frac{3}{24}

Maximum exclusion = $31,250

so here $31,250 may Jamie exclude from her gross income in year 2

correct option is $31,250

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"Prepare the issuer's journal entry for each of the following separate transactions.
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You own a portfolio that has $1,600 invested in Stock A and $2,700 invested in Stock B. Assume the expected returns on these sto
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The same is considered

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