Fran was transferred from Phoenix to Atlanta.She sold her Phoenix residence (adjusted basis of $250,000) for a realized loss of $50,000 and purchased a new residence in Atlanta for $375,000.Fran had owned and lived in the Phoenix residence for six years.What is Fran's recognized gain or loss on the sale of the Phoenix residence and her basis for the residence in Atlanta?
A) $0 and $375,000.
B) $0 and $425,000.
C) ($50,000) and $325,000.
D) ($50,000) and $375,000.
Correct Answer:
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