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 6 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.
E) None of these.
Correct Answer:
Verified
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