Business, 20.05.2021 23:10 jaureguilol1

Karl purchased his residence on January 2, 2019, for $260,000, after having lived in it during 2018 as a tenant under a lease with an option to buy clause. On August 1, 2020, Karl sells the residence for $315,000. On June 13, 2020, Karl purchases a new residence for $367,000. a. What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $ and his basis for the new residence is $
b. Assume that Karl purchased his original residence on January 2, 2018 (rather than January 2, 2019). What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $ and his basis for the new residence is $.

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Karl purchased his residence on January 2, 2019, for $260,000, after having lived in it during 2018...

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