Jamil, who is single, sold his principal residence on April 10, 2020, and excluded the realized gain under § 121 (exclusion on the sale of a principal residence). On April 12, 2020, he purchased another principal residence, which he sells on January 12, 2021, for a realized gain of $63,000. Based on each selling reason listed below, indicate if Jamil can exclude the January 2021 $63,000 realized gain by selecting "No, may not exclude" or "Yes, can exclude" and enter the amount of recognized gain for each. b. A job transfer to another city? Yes, can exclude. Amount of § 121 exclusion $________ (Side note: $63,000 is not correct.) Amount of recognized gain $0.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Jamil, who is single, sold his principal residence on April 10, 2020, and excluded the realized gain under § 121 (exclusion on the sale of a principal residence). On April 12, 2020, he purchased another principal residence, which he sells on January 12, 2021, for a realized gain of $63,000.

Based on each selling reason listed below, indicate if Jamil can exclude the January 2021 $63,000 realized gain by selecting "No, may not exclude" or "Yes, can exclude" and enter the amount of recognized gain for each.

b. A job transfer to another city?

Yes, can exclude. Amount of § 121 exclusion $________ (Side note: $63,000 is not correct.) Amount of recognized gain $0.

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