Use the following data to determine the sales price of Toby's principal residence and the realized gain. He is not married. The sale of the old residence qualifies for the § 121 exclusion. $$\begin{array} { l r }
\text { Selling expenses } & \$ 45,000 \
\text { Recognized gain } & 180,000 \
\text { Cost of new residence } & 760,000 \
\text { Adjusted basis of old residence } & 225,000 \
\S 121 \text { exclusion } & 250,000
\end{array}$$

Question

Use the following data to determine the sales price of Toby's principal residence and the realized gain. He is not married. The sale of the old residence qualifies for the § 121 exclusion. $$\begin{array} { l r } 
\text { Selling expenses } & \$ 45,000 \
\text { Recognized gain } & 180,000 \
\text { Cost of new residence } & 760,000 \
\text { Adjusted basis of old residence } & 225,000 \
\S 121 \text { exclusion } & 250,000
\end{array}$$

Quizplus · Accepted Answer

The Answer of Use the following data to determine the sales price of Toby's principal residence and the realized gain. He is not married. The sale of the old residence qualifies for the § 121 exclusion. $$\begin{array} { l r } 
\text { Selling expenses } & \$ 45,000 \
\text { Recognized gain } & 180,000 \
\text { Cost of new residence } & 760,000 \
\text { Adjusted basis of old residence } & 225,000 \
\S 121 \text { exclusion } & 250,000
\end{array}$$

Use the Following Data to Determine the Sales Price of Toby's