South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 15, Problem 24CE
a.
To determine
Explain the exclude of realized gain on January 2019 sale if Person A’s neighbors are noisy.
b.
To determine
Explain the exclude of realized gain on January 2019 sale if Person A’s job transferred to another city.
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Students have asked these similar questions
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.
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.
a. His noisy neighbors?
b. A job transfer to another city?
Exclude or Not?
Amount of§ 121 exclusion
Amount ofrecognized gain
a.
His noisy neighbors?
_________
$_________
$_________
b.
A job transfer to another city?
_________
$_________
$_________
On February 1, 2019, Patterson (who is single) sold his principal residence (home 1) at a $150,000 gain. He was able to exclude the entire gain on his 2019 tax return. Patterson purchased and moved into home 2 on the same day. Assuming Patterson lives in home 2 as his principal residence until he sells it, which of the following statements is true?
Question 29 options:
Patterson will not be allowed to exclude gain on home 2 if he sells home 2 in 2020.
Patterson will be eligible to exclude gain on home 2 only if he waits until 2024 to sell it.
In certain circumstances, Patterson may be able to exclude gain on home 2 even if he sells home 2 in 2019.
None of the choices are correct.
Chapter 15 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 15 - Prob. 1DQCh. 15 - Prob. 2DQCh. 15 - Prob. 3DQCh. 15 - Prob. 4DQCh. 15 - LO.2 Melissa owns a residential lot in Spring...Ch. 15 - LO.2 Ross would like to dispose of some land he...Ch. 15 - Prob. 7DQCh. 15 - Prob. 8DQCh. 15 - Prob. 9DQCh. 15 - Prob. 10DQ
Ch. 15 - Prob. 11DQCh. 15 - Prob. 12DQCh. 15 - Prob. 13DQCh. 15 - Prob. 14DQCh. 15 - Prob. 15DQCh. 15 - Prob. 16CECh. 15 - Prob. 17CECh. 15 - Prob. 18CECh. 15 - Prob. 19CECh. 15 - Prob. 20CECh. 15 - LO.3 Camilos property, with an adjusted basis of...Ch. 15 - Prob. 22CECh. 15 - Prob. 23CECh. 15 - Prob. 24CECh. 15 - Prob. 25CECh. 15 - Prob. 26CECh. 15 - Prob. 27PCh. 15 - Prob. 28PCh. 15 - Prob. 29PCh. 15 - Prob. 30PCh. 15 - Prob. 31PCh. 15 - Prob. 32PCh. 15 - Prob. 33PCh. 15 - Ed owns investment land with an adjusted basis of...Ch. 15 - Prob. 35PCh. 15 - Prob. 36PCh. 15 - Prob. 37PCh. 15 - Prob. 38PCh. 15 - Prob. 39PCh. 15 - Prob. 40PCh. 15 - LO.3 Howards roadside vegetable stand (adjusted...Ch. 15 - Prob. 42PCh. 15 - Prob. 43PCh. 15 - Prob. 44PCh. 15 - Prob. 45PCh. 15 - Prob. 46PCh. 15 - What are the maximum postponed gain or loss and...Ch. 15 - Prob. 48PCh. 15 - Prob. 49PCh. 15 - Prob. 50PCh. 15 - Prob. 51PCh. 15 - Prob. 52PCh. 15 - Prob. 53PCh. 15 - Prob. 54PCh. 15 - Prob. 55PCh. 15 - Prob. 56PCh. 15 - Prob. 57CPCh. 15 - Prob. 1RPCh. 15 - Prob. 2RPCh. 15 - Taylor owns a 150-unit motel that was constructed...Ch. 15 - Prob. 5RPCh. 15 - Prob. 1CPACh. 15 - Chad owned an office building that was destroyed...Ch. 15 - Prob. 3CPACh. 15 - Marsha exchanged land used in her business in...Ch. 15 - Prob. 5CPACh. 15 - Prob. 6CPA
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