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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 15
Marcus purchased Vinnie and Marie's personal residence for $225,000 cash and the assumption of their $100,000 mortgage. Vinnie and Marie bought the house six years ago for $275,000 and have used it as a primary residence. What amount of gain should Vinnie and Marie recognize on the sale of their personal residence? a. $0.
B) $50,000.
C) $100,000.
D) $225,000.
B) $50,000.
C) $100,000.
D) $225,000.
Explanation
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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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