Business, 28.11.2019 01:31 williamlindley2

Charlotte purchases a residence for $105,000 on april 13, 2006. on july 1, 2017, she marries howard and they use charlotte's house as their principal residence. if they sell their home for $390,000, incurring $20,000 of selling expenses and purchase another residence costing $350,000. which of the following statements is/are correct concerning the sale of their personal residence?
i. if they sell the residence on june 1, 2019, they must recognize a gain of $15,000 on the sale
ii. if they sell the residence on august 1, 2019, they will recognize no gain on the sale.

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Charlotte purchases a residence for $105,000 on april 13, 2006. on july 1, 2017, she marries howard...

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